Esteban Cambiasso had given Leicester an early lead, but a Wes Morgan own goal and a Leroy Fer strike gave QPR the advantage going into the break.

Jeffrey Schlupp fired in from distance to level things up for the away side before Austin scored in dramatic style to secure three vital points for QPR late on.

Esteban Cambiasso of Leicester City celebrates after scoring the opening goal during the Barclays Premier League match between Queens Park Rangers and Leicester City at Loftus Road on November 29, 2014 © Getty Images

Prior to the game, Harry Redknapp's side had conceded the opening goal in nine of their 12 league games, and the trend continued as Cambiasso gave Leicester a dream start to the match after drilling the ball into the bottom corner with just four minutes played.

It was the away side's first goal in over 500 minutes of football but QPR responded well and Niko Kranjcar came close to an immediate equaliser with a deflected free kick.

Fer really should have scored for QPR after finding himself with a free header but he could not direct his effort on target and the ball was cleared.

Both sides had chances to add to the scoresheet as they opened up despite the importance of the match.

Leroy Fer of QPR celebrates after scoring his team's second goal during the Barclays Premier League match between Queens Park Rangers and Leicester City at Loftus Road on November 29, 2014 © Getty Images

A ball into the channel down the left found the run of Fer, who cut the ball back to Charlie Austin, but the striker's effort was well blocked by Morgan.

The unfortunate Morgan then put the ball into his own net after attempting to clear a cross away from danger.

QPR turned the game on its head through Fer, who smashed the ball into the back of the net from close range after Austin had a header saved by Kasper Schmeichel.

The game's frantic pace continued after the restart, and Leicester came within inches of getting an equaliser as Vardy's header clattered off the crossbar and bounced over after the striker had latched on to Riyad Mahrez's cross from the right.

Charlie Austin of QPR scores his team's third goal during the Barclays Premier League match between Queens Park Rangers and Leicester City at Loftus Road on November 29, 2014 © Getty Images

Austin was the next to come close after he linked up with Kranjcar in the final third before firing a strike on the half-volley at goal. Fortunately for the visitors, Schmeichel was there to make a good diving save.

Jeffrey Schlupp levelled things up for Leicester City after finding the net with a volley from outside the box which powered into the bottom corner.

The game then saw even more drama as Morgan and Fer missed golden opportunities, before Austin sealed the win for QPR with a close-range finish following a goalmouth scramble.