Hedblom's scorecard was dotted with five birdies and three bogeys but his 69 was one of the better scores at the ISPS Handa Perth International.
The tournament is key because it's the last event on the European Tour schedule for players to reach the top 110 in the Race to Dubai. Those 110 players retain playing privileges on the European Tour for next year.
Hedblom, at 7-under 137 after 36 holes in Australia, is 179th on the list and needs a tournament win for a chance to be among the top 110.
His round Friday started with a birdie and he made the turn at 3-under after three more birdies and a bogey. He had two birdies and two bogeys on the second nine.
"It's been two great days," he added. "But my golf is strange right now because I hit really good shots and some really poor shots but my putting has been good. So it's great right now to be leading."
Ross Fisher shot 67 Friday, one of the few rounds better than Hedblom's, and moved into second place at 5-under 139. Fisher had six birdies and a bogey at the 18th hole.
Five players, including Jin Jeong and Clint Rice who were tied with Hedblom for the first-round lead, are at 4-under. James Nitties, the other member of the four-way tie after the first round, shot 1-over 73 and is 3-under for the tournament.
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