Wakefield, also a co-leader after Friday’s second round, struggled to an even-par 73 Saturday after a birdie at No. 18, as Andersson Hed moved into contention with a 7-under 66.
His round was fueled by seven birdies, two coming at the 17th and 18th holes.
"I played really solid," said Andersson Hed, who like Wakefield, is in Perth searching of his first tour victory. "I've been playing pretty good the last two days, but haven't been able to get any putts in. I rolled a few really nice ones in today."
Marc Warren (73), the leader after Round 1, is third at 8-under 211.
Phillip Archer (73), Alastair Forsyth (72), and Lee Westwood (69) share fourth place at 7-under 212.
Defending champion Paul Casey (73) is tied for 15th at 4-under 215.