New Zealand horse Verry Elleegant has sprinted to a stunning win at the Melbourne Cup.

James Mcdonald riding #4 Verry Elleegant celebrates after winning race 7, the Lexus Melbourne Cup during 2021 Melbourne Cup Day at Flemington Racecourse on November 02, 2021 in Melbourne, Australia.

The six-year-old mare has out-sprinted pre-race favourite Incentivise to win this year's race at Flemington Racecourse.

New Zealand-bred and part-owned, Verry Elleegant was also ridden by New Zealand jockey James MacDonald and is trained by Australian-based New Zealander Chris Waller.

Another pre-race contender Spanish Mission finished third, with Floating Artist in fourth and New Zealand-trained The Chosen One coming home fifth.

Verry Elleegant sat mid-pack in the early part of the race, working her way forward around the final bend before powering past Australian hopeful Incentivise for a comfortably victory.

She is the first New Zealand horse to win the Melbourne Cup since Prince of Penzance in 2015.

The result left MacDonald in disbelief.

"I was blowing kisses to her the whole way," the New Zealand jockey says. "I just can't believe it. It's a dream come true.

"I had so much faith in her, I love her to bits. She's trained by a master, she's a superstar and I'm so proud of her,"

It was also the first Melbourne Cup victory for Waller, who rose to prominence with now-retired superstar Australian horse Winx.

• RNZ