Australia claimed the London title with a 19-14 win, its first win over the All Blacks Sevens in a final for 20 years and only the second time in 10 finals they have beaten New Zealand.
Australian Henry Paterson scored a hat-trick of tries to claim man of the final. His first came just before half-time from a reverse pass. New Zealand responded early in the second half as Akuila Rokolisoa powered his way over for their first try, with Leroy Carter scoring to claim the lead.
But Paterson then produced a double act, scoring when racing from a standing start from within Australia's half to level the scores, and then pulling off a try-saving tackle on Caleb Tangitau to force the game to extra time.
Then Paterson got over in the corner to score the golden point try to claim the final.
Australia, who beat the Blitzbokke in the quarterfinals, are now second, two points behind South Africa with only the Los Angeles Sevens on August 27-28 remaining.
New Zealand, who missed the first four tournaments are ninth overall.
Having to play high-flying Ireland in their quarterfinal, New Zealand made a strong start, scoring tries to Ngarohi McGarvey-Black and Brady Rush to lead 12-0 at halftime. Ireland pulled one try back and mounted a furious assault on the New Zealand line, but they couldn't retain the ball, and the All Blacks Sevens launched a counter-attack with Leroy Carter scoring for a 17-7 win.
That pitted New Zealand against Fiji in the semifinals. Two tries to Fiji's Viwa Naduvalo were spliced by one from McGarvey-Black before Waisea Nacuqu scored to give Fiji a 19-5 halftime lead.
Kitiona Vai started the All Blacks Sevens' response early in the second half before Joe Webber was strong enough to get an offload away in a tackle to Dylan Collier who scored under the posts to get within two points.
New Zealand claimed the lead after a blindside burst by Akuila Rokolisoa. But it appeared Fiji had scored a winner when Nacuqu crossed in the corner. However, a TMO report revealed that the two tacklers had forced him to lose control of the ball to give New Zealand the game.
Australia came back from 0-17 down to beat South Africa 21-17 and then beat Samoa 26-14 to claim their finals berth.