Liberal candidate Moon Jae-In conceded victory Wednesday in South Korea's presidential election to conservative Park Geun-Hye, saying he "humbly" accepted the decision of the voters. "Everyone did their best but I lacked the ability," Moon told reporters outside his Seoul residence. "I humbly accept the outcome of the election." The win in Wednesday's poll makes Park Geun-hye the country's first female head of state. The 60-year old conservative Park will now return to the presidential palace where she served as her father's first lady in the 1970s, after her mother was assassinated by a North Korea-backed gunman. More than three hours after polling stations closed and with more than 75 per cent of the national vote counted, local media declared Park "certain" of claiming victory over her left-wing challenger Moon Jae-in. Park was leading with 51.5 per cent of the vote over Moon's 48 per cent.