Lake Leake is a great place to see, however, accommodation in the middle of the city is very limited. You'll definitely have an easier time finding a place to stay at any of the 2 hotels within 10 kilometres.
For some alternatives, look at the Swansea Cottages & Motel Suites and the Swansea Beach Chalets. They are 25 kilometres and 25 kilometres respectively from the center. Wotif also suggests the Meredith House and the Redcliffe House. The first is 25 kilometres away from town, while the other is 20 kilometres away.
The nearby cities of Ross and Bothwell are worth checking out. Ross is 30 kilometres to the west of Lake Leake, while Bothwell is 80 kilometres to the southwest. Accommodations in Ross are the Ross Motel and The Man O' Ross hotel. The White's Corner and Ratho Farm are some of the better ones in Bothwell.
If you enjoy sports and want to watch games, you might choose to head to Aurora Stadium, which can be found to the northwest of Lake Leake. Want to stay near the action? The Quest Launceston Serviced Apartments and the Apartments at York Mansions may be just what you're after.
Hotels in Lake Leake start at AU$120 per night. Prices and availability subject to change. Additional terms may apply.