Wallagoot Lake, Bournda National Park, is located between Tathra and Merimbula on the Sapphire Coast Drive. Wallagoot Lake is a large expanse of water, although it is only two to three metres deep. The lake's catchment is found predominantly within Bournda National Park, the main tributary being Moncks Creek. The lake is blocked from the ocean by sand dunes on the eastern end - these dunes are broken intermittently, connecting the lake with the sea. Wallagoot Lake is home to many bird species including Black Swans and a threatened Tern.
The lake is a popular spot for picnics and other recreation. Hobart Beach camping area lies on the southern shore of the lake, and on the northern edge lies the Wallagoot Lake Boat Club, with its parking, and also a picnic area, providing plenty of opportunities to enjoy the lake. Wallagoot Lake can be accessed by Wallagoot Lake Rd off the Sapphire Coast Drive.