( CNN ) Hosts Australia have won their first ever Asian Cup title , the continent 's equivalent of the European Championships , after beating Korea 2-1 . In a pulsating final played in front of more than 70,000 supporters at Stadium Australia , Sydney , the Socceroos took the lead against the run of play just before half time thanks to a stunning goal by Massimo Luongo . Luongo , a 22 year old midfielder who plays for Swindon Town in the English third tier , spun away from his marker before crashing a shot into the bottom right hand corner of the goal , the first goal Korea had conceded in the entire tournament . Extra time goal . Australia looked to have held out for 90 minutes and a famous Asian Cup title -- their first since switching to the Asian Football Confederation from the smaller less competitive Oceania Football Confederation -- until Bayer Leverkusen striker Son Hueng-min equalized in the first minute of injury time , silencing the boisterous home crowd and sending the final to extra time . But Australia stormed back and James Troisi shot home from close range after a defensive mix up to seal the victory . `` It 's a massive moment for Australian football , '' former Everton and New York Red Bulls forward Tim Cahill told AFP after the game . `` All I can recall is all those people who did n't believe in us , '' he added . `` This is one of the biggest moments in sport for Australia because this is an Asian tournament that 's so difficult to win -- and a tournament we were never supposed to win with this group of players . '' Cahill 's last stand ? The tournament is likely to be Cahill 's last after a glittering career in English and international soccer . But Socceroos ' coach Ange Postecoglou believes that Cahill still has much to offer the team , with qualification for the 2018 World Cup finals in Russia next on the agenda . `` I 'd be surprised , '' Postecoglou said of Cahill 's rumored retirement . `` He 's had a fantastic tournament . He has n't said anything to me . I have n't had any discussion with him about his future and I 'd be surprised if I had to because again he was a very important part of our team . '' If Cahill was part of the past , one of the last members of Australia 's so-called `` golden generation '' that qualified for three World Cup finals in a row , then goal scoring hero Massimo Luongo could be the future . He was named player of the tournament , having been involved in six goals over the course of the tournament . Switch to AFC . The victory was also vindication of Australia 's decision to join the Asian Football Confederation . Up until 2005 Australia had competed in the Oceania Football Confederation -- the smallest of FIFA 's six confederations -- with little in the way of true competition aside from the occasional matches against New Zealand . The OFC also offers just half a qualification spot for the World Cup finals : a playoff match against tough opponents in South America or Asia . A 31-0 victory against American Samoa in a qualification match for the 2002 World Cup finals -- a world record that still stands today -- forced Australian soccer to focus on joining the AFC , which they did in 2005 . West Asia unhappy ? As well as holding Asia 's most prestigious international title , club side Sydney Wanderers famously won last year 's Asian Champions League final against Saudi Arabia 's Al Hilal , prompting allegations that not everyone in Asian soccer is happy with Australia 's success . After the Socceroos beat the United Arab Emirates in the semifinal , one leading figure appeared to express concern that Australia had taken one of the AFC 's prized World Cup qualification spots yet had given little back in return . `` Yes , it is true , there are indications that confirm that there is a desire among West Asian federations to remove Australia from the AFC , '' Sheikh Salman Bin Ibrahim Al-Khalifa , the Bahraini president of the AFC , said in an interview with Emiraiti newspaper Al Ittihad . `` I also know that the Arabs are not the only ones that are not convinced with the value of Australia staying within the Asian football family . '' Sheikh Salman later denied the comments , saying they had been `` manipulated '' . `` I 'm really stunned with the timing to bring this topic out . It 's a false topic , '' he told Australia 's Herald Sun newspaper . `` To read a story like this is really sad because there 's no truth in it . The success of this tournament has exceeded our expectations . I wo n't let a story like this affect the success of the tournament we had in Australia . '' After Australia 's victory Sheikh Salman was quick to praise the team and the country 's hosting of the tournament , telling the AFC 's website that the `` competition that has been remarkable in spirit and in passion , and we have Australia to thank for that . ''
Hosts Australia win Asian Cup . Defeat Iraq 2 - 1 in extra time . First title since switching from AFC to AFC .