American Brendan Steele has held off a fast-finishing Louis Oosthuizen for a one-shot win at LIV Golf's Adelaide tournament.

Steele finished 18-under-par at the Grange Golf Club after firing a 4-under 68 in Sunday's final round.

South Africa's Oosthuizen (17-under) had made a charge with a 7-under 65.

Former world number one Jon Rahm also threatened with an eagle and six birdies in a superb 64 but fell short.

Australia's Matt Jones (14-under) topped the standings for the local contingent, with Cameron Smith, Marc Leishman and Lucas Herbert all 13-under.

Smith started Sunday as the best-placed Australian at 11-under, three shots shy of overnight leader Steele.

But the Queenslander bogeyed the third hole, a 222-metre par-3, and watched a series of putts shave the hole in his 2-under 70.

Compatriot Jones started the tournament with a 6-under 66 and then a 4-under 68.

Leishman carded a 7-under 65, while Herbert made a stunning comeback after a 1-over 73 on the opening day.

Herbert produced a 7-under 65 on consecutive days to finish with a flourish.

Some notable big names were off the pace, including Brooks Koepka (9-under), Bryson DeChambeau (10-under), Dustin Johnson (9-under), Phil Mickelson (7-under) and Sergio Garcia (6-under).

AAP