Preliminary results show far-right candidate Norbert Hofer on 51.9 per cent of the vote, just ahead of ahead of independent Alexander van der Bellen on 48.1 per cent.
Austria emerged from the Second World War a shattered nation.
Annexed by Nazi Germany in 1938, the country's political landscape was eventually dominated by two centrist parties.
But Europe's migration crisis has seen widespread dissatisfaction with them and now a Eurosceptic anti-immigration candidate is on the verge of becoming Austria's next President.
Norbert Hofer, from the far-right Freedom Party, has been called everything from a Nazi to Austria's Donald Trump.
In his speeches he's called for an end to what he calls the "invasion of Muslims" and wants a fence built along the southern border to keep out refugees.
After casting his ballot, Mr Hofer said he was expecting a close race.
But he was also expecting to win despite so many people labelling him a Nazi.
"I'm not, you will see. You have to take a look at me in one or two years. I have to work then everybody will see that I'm really okay. I'm not a dangerous person, of course."
Many voters, including Andrea Hallal-Woegerer, aren't convinced.
"I hope that Austrians are smart enough not to vote for the Freedom Party. I think Alexander van der Bellen can represent me better abroad. That's a president who I can say: 'great, he's well-liked and he can also facilitate economic contacts'. And he's not just liked in a couple of countries where the right-wing parties are surging."
Alexander van der Bellen is an independent candidate backed by the Greens.
The son of immigrants from the Soviet Union, he's run on a platform of unity and tolerance.
He remains encouraged by the growing opposition to his rival's policies.
"What makes me optimistic is this movement that has swept across the country within the last ten days, not just in Vienna but generally in Austria."
But when the polls finally closed, neither side emerged a clear winner.
Austria's public broadcaster even projected both candidates capturing exactly 50 per cent of the ballot each.
So the attention shifts to the country's estimated 750,000 postal votes which will take around 24 hours count.
It's a situation Mr Hofer says he has never seen before.
"Yes, I'm happy. I'm happy. But I would be happier if I would be able to win this."
Mr van der Bellen, meanwhile, remains cautiously optimistic.
He hopes those who have become disillusioned with Austrian politics will eventually return to the fold.
"I don't see it as negative. They voiced support for Mr. Hofer and the others voiced support for me. My goal and my policy will certainly be to bury trenches, not dig new ones."
But regardless of who wins, the vote is a watershed moment for Austria and for the European Union.
With the migration crisis heightening concerns about employment and security, support for groups like Freedom Party continues to rise.
Austria's election appears likely to lead to the EU's first far-right head of state; a trend that many say could spread across the continent.
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