New Zealand paceman Doug Bracewell took six wickets in a devastating spell around lunch on the fourth day of the second Test on Monday to fire his country to a dramatic first victory over Australia since 1993.

- Match report and scorecard

Australia, requiring 241 for victory in the second Test, had appeared to be grinding their way to their target on the back of David Warner's maiden Test century until Bracewell (6-40) helped send them tumbling from 159 for two to 233 all out.

The seven-run victory was the first on Australian soil for the Black Caps since 1985 and came despite opener Warner's unbeaten 123, which earned him the man of the match award in his second Test.

In a thrillingly tense finish, Warner and Nathan Lyon put on 34 for the last wicket before Bracewell bowled the spinner through the gate to end what had been a topsy-turvey Test match on a greentop wicket at the Bellerive Oval.

New Zealand's victory, only their third in Australia, levelled the series at 1-1 after the hosts won the first Test in Brisbane by nine wickets.

"It was a great turnaround from Brisbane," New Zealand skipper Ross Taylor said at the presentation ceremony. "It's always enjoyable captaining the country and beating Australia. I'm proud of the team."

Australia had started the day on 72 without loss and confident of victory despite being bundled out for 136 in their first innings on Saturday.

"Disappointed, no doubt," captain Michael Clarke said. "We were pretty inconsistent throughout this Test ... the ball swung all day and we needed a couple more partnerships."

New Zealand struck almost immediately after play started with quick Chris Martin having Phil Hughes caught by Martin Guptill in the slips for 20 without any addition to the score.

Warner combined with Usman Khawaja to put on 50 runs for the second wicket before the Black Caps struck again when a brilliant catch from Taylor in the slips off the bowling of debutant Trent Boult sent Khawaja back to the pavilion for 23.

Former Australia captain Ricky Ponting had been looking for a big score on his home island and settled in well enough but had made just 16 when he slapped a short ball from Bracewell straight to Tim Southee at extra cover.

Bracewell's next over put the match back in the balance when he dismissed Clarke and Michael Hussey for ducks on consecutive balls.

Warner reached his century with two runs through square leg soon after lunch but the Australians were reduced to 192-6 when Tim Southee had Brad Haddin, the last recognised batsman, caught by Taylor for 15.

Peter Siddle followed for two soon afterwards with Southee again taking the wicket courtesy of a catch by Jesse Ryder before Bracewell took over to end the match.