SYDNEY (AFP) - Hosts Australia won the Asian Cup after beating South Korea 2-1 in extra time of an electrifying final on Saturday, with substitute James Troisi smashing home a dramatic winner.

He broke Korean hearts with the last kick in the first period of extra time after Son Heung Min had snatched a dramatic injury-time equaliser at the end of normal time.

Australia's triumph gave the Socceroos a first title since defecting from Oceania nine years ago while South Korea's anguish continued after failing to break a hoodoo in the tournament stretching back to 1960.

Australia, runners-up to Japan in 2011, had been on the brink of victory after a stunning strike from Massimo Luongo on the stroke of half-time, triggering wild celebrations from the crowd of 76,000.

But South Korea's superstar Son produced a moment of brilliance in injury time, bursting through to fire past goalkeeper Mathew Ryan after a clever flick from captain Ki Sung Yueng.