Ferrie, who notched his third European Tour victory, and Wakefield registered rounds of 5-under 67 Sunday, finishing at 12-under 276. Wakefield birdied the final hole and Ferrie missed a 6-footer that would have given him a win in regulation.
On the extra hole, Ferrie hit a spectacular approach shot and parlayed that into his first tour win since the 2005 European Open.
Wakefield, meanwhile, fell a bit short in a bid for his initial title.
Joost Luiten's three-putt bogey on the final hole consigned him to a 4-under 68, missing the playoff by a single stroke at minus-11.
Thomas Norret stumbled to an even-par 72 to hold down fourth place at 9-under 279, while Cesar Monasterio (66), Bernd Wiesberger (68) and Victor Dubuisson (70) tied for fifth at minus-eight.