South Korea fell to Australia 2-1 in extra time in the 2015 AFC Asian Cup final on Saturday, failing to end a 55-year title drought at the continental tournament.

South Korea's first defeat at the tournament came at the most inopportune time, as the country came up achingly short of its first Asian Cup title since 1960.

After the teams ended the 90 minutes of play tied at 1-1, James Troisi scored in the final seconds of the first extra period, as the Socceroos lifted their first Asian Cup trophy in their third appearance in the tournament.

With the defeat, South Korea has the most runner-up finishes at the Asian Cup with four, one more than Saudi Arabia.

South Korea entered the final at Stadium Australia having won five consecutive matches without allowing a goal. Then Massimo Luongo solved the South Korean defense with the clock ticking down in the first half, taking a feed from Trent Sainsbury and burying it behind goalkeeper Kim Jin-hyeon from the top of the arc.

Son Heung-min pulled South Korea from the brink of defeat with a dramatic goal in the dying moments of regulation, but the host proved too much for South Korea to handle in extra time.

Australia had a quick start before fading away. Captain Mille Jedinak sent a free kick just over the bar in the eighth minute, but the host failed to build on the early momentum as South Korea applied pressure in midfield.

South Korea threatened midway through, with Kwak Tae-hwi's header missing the near post in the 23rd minute. On the other end in the ensuing player, Australian forward Tim Cahill got deep inside the box for a hard shot, but goalkeeper Kim Jin-hyeon was there to meet the challenge.

Son Heung-min missed consecutive opportunities after the half-hour mark. Kim Jin-su set up Son with a sharp cross in the 36th but the left-foot volley sailed over the bar. Two minutes later, Cha Du-ri sped down the right flank and fed Son for an open chance, but his shot went off a defender and out of play.

Just when the teams seemed headed for a scoreless half, Luongo put Australia on board with his right-foot strike.

The two sides kept trading jabs in the second half. Kwak again put his head on a free kick, this time sending one into the arms of Matthew Ryan in the Austrailan net in the 58th.

The very next minute, Matthew Leckie had a one-on-one opportunity on Kim Jin-hyeon, but the South Korean custodian turned aside the hard shot from close range.

Australia ratcheted up its defensive intensity as it tried to hold on for the victory. Son almost spoiled the party after taking a nifty pass from Ki Sung-yueng and flicking it over Ryan for the dramatic equalizer.

In extra time, though, Troisi came through for the host. Tomi Juric had the ball deep on the right side and got free from defender Kim Jin-su to send a low cross. Goalkeeper Kim Jin-hyeon dove and punched it toward the middle, but Troisi jumped on the rebound to put Australia ahead for good.

South Korea coach Uli Stielike rued missed opportunities in the first half and the defensive lapse in extra time on Troisi's scoring play.

"It's a shame that we lost the final because the way we played showed that we did not deserve to lose," he said. "We don't have the Cup but the way we played today, we are also champions."

Ange Postecoglou, the victorious coach, said he was proud of the way his players regrouped after having the victory in regulation snatched away from their grasp.

"To concede a goal in the last minute really tested us as a group and the players stood up once again," he said. "Full credit to them, I couldn't be prouder of them and it's great for our country."

South Korea had 16 total shots to Australia's 12, while the host had four shots on net, one more than South Korea. Australia also enjoyed an edge in possession, 52.6 percent to 47.4 percent.

Five Australian players drew yellow cards, including three defensive backs, though South Korea couldn't take advantage.

Luongo, who scored the opening goal in the final, was named the Player of the Tournament. The 22-year-old scored twice and set up four goals as the champion's playmaker.

Ali Mabkhout of the United Arab Emirates took the Golden Boot as the tournament's top scorer with five goals. Matthew Ryan of Australia captured the Golden Glove as the competition's best goalkeeper. (Yonhap)