The Clutha combination won the event by just 2.2sec from Andrew Hawkeswood and Simon Johnstone, of Alexandra, with the Kaikoura pairing of Regan and Nigel Ross third.
Hawkeswood looked to be on target to take his first win in the Audi Quattro early in the day, winning four of the first five stages and finishing second in the other, building a lead of 35sec in the process.
But Bond came storming home in a strong performance, winning the sixth stage, the longest of the rally, to slice Hawkeswood's lead to nine seconds, and then winning the penultimate stage by 12sec to arrive at the final stage in his home town with a three-second lead.
Hawkeswood recorded a time of 58.8sec in the finale while Bond went through the stage in 59.3sec to take victory.
In doing so, he won the Darryl Robinson Memorial Trophy and also captured the Southern Rally Series title.
Bond had been running strongly in second place all day, his only problem a spin in the opening stage that cost him 10sec.
It was fellow Balclutha driver Barry Mills who convinced him to attack over the final stages.
"Barry convinced me that with my local knowledge I should have a real go," Bond said.
"There was a lot at stake. Our main target was to win the Southern Rally Series and we could have blown it.
It was also nice to win the Kerry O'Donohue Memorial Trophy [for first South Otago driver]."
Hawkeswood battled overheating issues in the Audi while Regan Ross held third place throughout the day and won the short final stage.
He eventually finished just over a minute behind Bond and Hawkeswood.
Gore drivers Paul Cross and Andrew Graves had a close battle all day in their Mitsubishi Evos to finish fourth and fifth respectively, while Derek Ayson (Clinton) did a good job to bring his Nissan-powered Ford Escort home in sixth place, just two seconds behind Graves.
Ayson was the first two-wheel-drive competitor to finish.
The top 10 was completed by John Giltrap (Lincoln), Deane Buist (Christchurch), Steve Wellington (Dunedin) and Paul Dickson (Timaru).
Wellington and co-driver Hudson Briggs won the Glen Shirlaw Memorial Trophy for the first Otago Sports Car Club crew to finish.
Publicity officer Lindsay Beer said other South Otago drivers to fare well in their local event were Duncan McCrostie, of Kaitangata, who finished 13th, and Balclutha's Mike Verdoner, in equal 17th.
"Conditions were extremely slippery, particularly on the first two stages and then in the forestry section of Stage 4," he said.
