South Korea elections: Opposition candidate Yoon Suk-yeol will be the country’s next president

South Korea has elected conservative opposition candidate Yoon Suk-yeol as its new president after a tightly-contested race led to the defeat of his left-liberal rival Lee Jae-myung.

Mr Yoon, a 61-year-old political novice and avowed anti-feminist, rode to victory with 48.59 per cent of the votes against Mr Lee’s 47.80 per cent.

Around 98 per cent of the ballots had been counted by 4am local time.

The People Power Party candidate edged to a narrow win by 0.8 percentage points – or 263,000 votes – making the presidential race one of the closest-fought election battles in the country’s history.

Mr Yoon said it was a “victory of the great people” as he thanked supporters outside his home in the capital Seoul, describing it as a “long night”.

“The people put me here with hope in my conviction that I have not yielded to any power for fairness and justice for 26 years,” Mr Yoon said in a speech about his career as a prosecutor.

In a televised conference on Thursday morning, Mr Yoon said he will solidify an alliance with the US and “firmly deal with illicit, unreasonable behaviour” by North Korea.

“I’ll establish a strong military capacity to deter any provocation completely and protect the people’s safety and property and our territory and sovereignty,” Mr Yoon said.

“I’ll firmly deal with illicit, unreasonable behaviour by North Korea in a principled manner, though I’ll always leave the door for South-North talks open.”

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His address came after he spoke with US president Joe Biden on the phone.

Neither of the main presidential candidates, who were looking to replace outgoing president Moon Jae-in, were viewed as particularly popular throughout the campaign amid a wave of discontent over the country’s economic policy, scandals and gender wars.

With soaring housing prices and growing inequality at the centre of voter frustration, Wednesday’s election saw a high voter turnout with 77 per cent of voters casting ballots.

The victory of Mr Yoon marks the return of the conservatives to power after five years. The People Power Party had been in shambles after its leader, former president Park Geun-hye, was impeached and whom Mr Yoon helped convict and jail on corruption charges.

Mr Yoon also has a history of going against another former president, Lee Myung-bak, and businessman and Samsung heir Lee Jae-yong, making him a favourite within the party to engineer its revival.

He has promised to abolish the country’s Ministry of Gender Equality and Family, a move that could prove to be contentious as the ministry provides family-based services, education and social welfare for children.

Mr Yoon’s campaign also exposed the country’s deep divide over gender issues as he leaned heavily on support from young men, some of whom believe there is no gender discrimination in South Korea.

Exit polls showed Mr Yoon garnered support from 58.7 per cent men in their 20s, compared to Mr Lee’s 36 per cent. At the same time, Mr Yoon received 33.8 women’s support, compared to Mr Lee’s 58 per cent.

“The widespread support Yoon enjoys from young men is, frankly, absolutely terrifying from a woman’s point of view,” academic and female voter Keung Yoon Bae told news agency AFP.

Mr Yoon, who has vowed a tougher stance on North Korea, will likely face a significant challenge in terms of foreign policy from Kim Jong-un’s leadership.

The North has conducted scores of missile tests since the beginning of this year. Mr Yoon’s confrontational rhetoric against his nuclear-powered neighbour is expected to intensify tensions between the two countries.

North Korea has not yet commented on Mr Yoon’s election win.