For the second year in a row, Otago made the playoffs, this year going one step further to make the final and win the silver medal.
It is 16 years since Otago last made the final of the event, when it was played on the North Shore course in 1998.
Making the final gave this year's quintet the opportunity of emulating Otago's previous wins at Russley in 1973, at Taupo in 1978 and at Balmacewen in 1982.
But a talented young Waikato team, with four St Andrews members in the line-up, buoyed by a large local crowd, put paid to Otago's chances.
Waikato was led by No 1 Luke Toomey, who was named player of the tournament after notching eight wins from eight games.
On Friday, Otago had finished second in division two, which lined the team up against defending champion Manawatu-Wanganui on Saturday morning.
In that match, the Otago tail wagged, as No 5 Mark Brooks and No 4 Nick Borren clinched early wins on the 15th green.
But getting the third match in for the team win was not that easy, as No 1 Duncan Croudis could not match Josh Munn on the front nine.
Former No 1 Brent McEwan, playing two places lower this year, and James Anstiss at No 2 had tight matches and the lead seesawed throughout the round.
Both were square playing the final hole and Otago took the honours when McEwan made a birdie four from a greenside bunker on the final hole.
Anstiss snatched the half to put the icing on the cake, giving Otago a 3.5-1.5 semifinal win.
In the final, Brooks led from the front again, forging ahead of Junior Tatana to claim victory on the 15th green.
The win gave Brooks six wins and a half from his eight outings during the week, which was instrumental in Otago's success.
However, Borren could not repeat his morning effort and went down to Waikato's Tyler Lock by 4 and 3.
At No 2, Anstiss trailed Tyler Hodge early and could not get back on the homeward nine.
This left McEwan and No 1 Croudis to clinch two wins or to force a playoff with a win and a half.
McEwan had won seven from seven going into the final, and had beaten Waikato No 3 Denzel Ieremia on the final green in Friday's section match.
This time, the pair were square coming down the homeward straight when Ieremia put a nail in the Otago coffin, sinking a 15m cross-green putt on the 17th to take the lead.
Croudis turned three down to Toomey but fought back on the homeward nine. He sank a 4m putt on the 17th green to get back to square.
His charge was to no avail, however, as his tee shot to the par-3 18th green finished in a greenside bunker, giving Waikato its fourth win and a margin which belied the closeness of the finish.
