The chasing pack includes four more Australians, Matthew Guyatt at 7-under and Aaron Pike, Nick Cullen and former champion Brad Kennedy at 6-under.
Lee's blemish-free round, featuring six successive birdies and nine in total, was remarkable considering that an airline lost his clubs between Sydney and Queenstown earlier in the week.
He only got them back at 4pm on Wednesday, meaning his pre-tournament practice consisted of a hurried eight holes.
"I didn't expect to play as well as I did," Lee said yesterday.
"I just got going on the back nine and holed some good putts."
The club situation meant Lee did not have time to visit Millbrook this week - today's second round will be his first sighting of the course.
"I know it's five minutes down the road. Yardage books are done so well these days it doesn't make much difference."
Bransdon, who shot a course record at the Victorian PGA last month on his way to a tie for fifth, is hoping to follow in the footsteps of his best mate, Matthew Millar, who won the New Zealand PGA at Remuera last week.
He was relishing the prospect of the pair sweeping the major events on this side of the Tasman.
"That would be absolutely fantastic. That would be awesome," Bransdon said.
"I owe Matty a lot. He's helped me a lot over the last couple of years with my short game. It's been good travelling with him and it was nice to see him have a win last week."
Bransdon's spectacular round included an eagle and seven birdies.
