Ballarat Swap Meet organisers are desperate to find a suitable site for the 2024 event, fearing the "valuable asset" will be lost.
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The swap meet committee has been searching for a site within the Ballarat municipality for 18 months.
The City of Ballarat, which has been working closely with the committee, indicated there are no suitable public reserves available to host the event in its current format.
Ballarat Swap Meet board chairperson Lindsay Florence said the southern hemisphere's largest swap meet was at risk of folding if a suitable site was not found.
"We are at the desperate stage. We are really struggling locally to find an area which is big enough," Mr Florence said.
"We are at the stage now where we need time to put an event together as big as the swap meet, and we are at risk of losing it.
"The longer the delay, the harder it is to put the event together."
The swap meet has injected $2 million into the Ballarat economy every year since it started 34 years ago.
Ballarat Rotary clubs combine to run the event, with all funds raised directed to community organisations and charities. It brings much needed support to community groups which provide volunteer support.
The swap meet can no longer be held on Airport Road, Mitchell Park, because the land is earmarked for the next stage of the Ballarat West Employment Zone development.
Mr Florence said the committee had been in ongoing negotiations regarding several other potential sites, but all had fallen through for a variety of reasons.
"The swap meet board recognises that unless suitable land can be found the swap meet can not continue and this very valuable asset to Ballarat will be lost," he said.
"Over the years many stall holders now view this event as an annual social outing to Ballarat having formed friendships among themselves, they stay on visiting other Ballarat venues with the friends they have made.
"In addition to the accommodation and food sector, Ballarat hairdressers are one of the unusual examples of the flow on effects to local businesses with them reporting that swap meet is their second busiest weekend because the wives and partners meet for social activities. A number of antique dealers have also commented that this is their second-best weekend, on the Ballarat calendar."
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The swap meet provides for 2500 site holders. Between 10,000 and 15,000 people attend the February event over Friday and Saturday.
The Ballarat Swap Meet is a unique event and has a specific set of requirements for the event to continue, including a minimum of 40 hectares to accommodate site-holders and car parking; site to be reasonably flat, cleared and well drained; access to water and safe road access to manage the large amount of vehicular traffic; site to be available from last week in January to first week in March; and option to negotiate up to a five year commitment.
For more information or to help, contact Lindsay Florence via info@ballaratswapmeet.com.au