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Queensland's Chris Wood is one shot ahead heading into the final round of the Queensland Open at Pelican Waters but he has plenty of challengers.

Home state hope Chris Wood has fired a seven-under-par 65 to lead a posse of low-scoring challengers going into the final round of the Isuzu Queensland Open.

Wood's 15-under total after three rounds has already matched the mark Anthony Quayle set to win last year on the same Pelican Waters course outside Caloundra.

And there are 18 players within five strokes of his lead.

Californian Derek Ackerman (68-69-65) and Newcastle's Blake Windred (67-69-66) are the closest challengers, one behind Wood.

Quayle, still an outside chance to defend at 10-under, looks a good judge and he tipped before the first round that 20-under could be this week's winning score.

Sydney's Andrew Evans endorsed that estimate after matching Woods' third round 65 to be tied fourth with Pelican Waters local Shae Wools-Cobb (65).

"We've had four or five 65s today so someone is going to get to 20-under. It's very bunched at the top so the winner could come from anywhere," Evans said.

Wood had seven birdies and no blemishes on his card and said belief gained from his breakthrough win at last month's Victorian PGA will help.

"I'm going to draw back on that experience. Anyone can go out and shoot a low number here," 30-year-old Wood said.