"Año Bisiesto" (Leap Year) is a sado-masochistic sex story set in a claustrophobic Mexico City apartment.
It was among 24 first films competing for the Camera d'Or award for best first feature movie.
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"I want to thank the Mexican nation that created this story," he said on receiving the prize.
Rowe, who went to university in Melbourne, has written several plays and lives in the Mexican capital.
His film was screened in the parallel Directors' Fortnight section of the festival, which closed Sunday with a gala awards ceremony.

