The Kiwis took an 8-6 lead with tries by Ken Maumalo and Joseph Manu, but the Aussies hit back just before the interval with a long-range try by Dane Gagai following a run from Tom Trbojevic for a 12-8 lead.
It was the first time in six years that New Zealand have beaten their nearest neighbours and reigning World champions.
Recently appointed Kiwis captain Dallin Watene-Zelezniak echoed Maguire's notion that there's plenty more to come from this side.
"This is obviously what we came into this camp for - to build a foundation for not only us going forward but for the kids coming through and the kids after that; to give this nation what they deserve". It's only a start.
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"There were a few little things that if we did get it right it was a try so we just had to keep chipping away and at the end it really worked for us".
The result capped a triple-header of New Zealand v Australia contests at Mt Smart Stadium, with Australia winning the earlier under 20s and women's contests.
New Zealand trailed 12-8 at the break despite dominating possession and territory in the opening period. New Zealand pressured the Australian line for nearly 25 minutes through the middle of the first half and came up with tries to Ken Maumalo and Manu which were both unconverted.
Kiwis centre Joseph Manu scored his first Test try in the 35th minute after forcing his way through the defence of Mitchell and Holmes but halfback Johnson again missed the conversion.
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But they will want to quickly bounce back given giant-slayers Tonga await at the same Auckland venue next Saturday in what will be a sellout.
"The noise of the crowd and the supporters was something special and to hear the joy of the people is the reason why you play footy", says Maguire.
They conceded a try in just the third minute and had three of their own ruled out by the video referee, including what looked to be a certain four-pointer to Watene-Zelezniak on the stroke of halftime.
Australia's late rally put the Kiwis under pressure but the were able to see off the threat.
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Koch, alongside his fellow panelists Mark Beretta, Sam Armytage and Natalie Barr, were discussing a potential move for Bolt from the Central Coast Mariners to a European club.
The 27-year-old South Sydney Rabbitohs flyer only made the squad in a reshuffle when original skipper Greg Inglis was suspended after being caught allegedly drink driving, which saw Boyd Cordner promoted to captain. "We didn't give ourselves much chance but we stuck to it and it was a tight finish".