Carlos Sainz sensationally won Sunday's Australian Grand Prix in Melbourne for Ferrari, as championship leader Max Verstappen retired from a race for the first time in two years.

Ferrari's Carlos Sainz of Spain celebrates after the Australian Formula One Grand Prix at Albert Park in Melbourne, Australia, March 24, 2024. (Xinhua/Qian Jun)

Red Bull's Verstappen had secured pole position with relative ease, and the Dutchman led Sainz and the rest of the field away on the opening lap, but the first signs of trouble emerged when Verstappen was surprisingly overtaken by the Spaniard on Lap 2.

Soon afterwards, smoke emerged from the right-rear of Verstappen's RB20, and the Dutchman pulled into the pits to retire on Lap 3 with an apparent brake issue, as flames emerged from his car.

Verstappen's retirement was the first time he has failed to finish a race since the 2022 Australian Grand Prix, and ruined his bid to score ten wins in succession.

From then on, Sainz managed the gap to the chasing pack, and was never subsequently headed as he scored his third Grand Prix win, just two weeks after having missed the preceding Saudi Arabian Grand Prix due to appendix surgery.

"It was a really good race. I felt really good out there," said Sainz, who had looked quick all weekend long and had appeared to be the main challenger to Verstappen's chances of victory.

"Of course a bit stiff and especially physically it wasn't the easiest, but I was lucky I was more or less on my own and I could manage my pace, my tyres, manage everything, and it wasn't the toughest race of all.

"What happened at the beginning of the year, then the podium in Bahrain, then the appendix, the comeback, the win - it's a rollercoaster. But I loved it and I'm extremely happy."

Behind Sainz, Charles Leclerc made it a Ferrari one-two, with the Monegasque also taking the bonus point for fastest lap, with McLaren's Lando Norris rounding out the top three.

Norris' teammate Oscar Piastri finished fourth at his home Grand Prix, while Sergio Perez took a disappointing fifth in the second Red Bull after struggling with low grip levels and failing to make much impression on the race.

Aston Martin's Fernando Alonso took advantage of a Virtual Safety Car period to rise from tenth on the grid to sixth by the flag, ahead of teammate Lance Stroll.

Yuki Tsunoda took a fine eighth to score RB's first points of 2024, while Nico Hulkenberg and Kevin Magnussen secured a useful double points finish for Haas to round out the top ten.

Aside from Verstappen, both Mercedes also failed to see the chequered flag, with Lewis Hamilton retiring on Lap 16 with engine trouble, and George Russell crashing on the final lap while dicing with Alonso.

Despite not scoring, Verstappen remains top of the Drivers' Championship with 51 points, and remains the hot favorite to take a fourth consecutive title this year. Leclerc moves up to second with 47 points, overtaking third-placed Perez who has 46 points.

In the Constructors' Championship, Red Bull remain top with 97 points, but Ferrari's 1-2 finish sees them close to within four points of the drinks-backed squad, with McLaren third on 55 points.

The fourth round of the 2024 F1 season is the Japanese Grand Prix, which has moved from its usual October date to April 7 this year.