England had to settle for third place in the Marriott London Sevens at Twickenham after an agonising 14-7 defeat to Australia in the semi-finals.
Ben Ryan's side had edged past South Africa in the last eight to keep their hopes of a second victory in this year's HSBC World Series alive.
Dan Norton grabbed his eighth try of weekend to give England an early lead against Australia, but scores from Allan Fa'alava'au and Peter Schuster propelled the Wallabies into the final.
But Australia then came up well short against New Zealand, who claimed a 47-12 victory to wrap up their second tournament win of the season, while England beat Kenya 26-19 in the third-place play-off.
New Zealand also completed victory in the season-long World Series standings, claiming the overall crown for the 11th time in 14 seasons.
South Africa went into the event as the form team but were held to a 14-14 draw in normal time as England scored tries through Norton and Tom Powell.
And in the sudden death overtime period Marcus Watson, who had earlier squandered the chance to win the game with a penalty, took a pass from Norton to race clear for the decisive score.
Wales had been eliminated in the pool stages on Saturday but hit back to win the third-tier Bowl final after defeating both Samoa and France on the final day of competition.
Meanwhile, England's women managed to retain their London Sevens title with a comprehensive 36-7 victory over Australia in the final.
Barry Maddocks' side had lost to the world champion Wallaroos in the pool stages on Saturday but gained their revenge to lift the title in front of a home crowd.