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Long-time Bain supporter and former All Black Joe Karam was not surprised by the verdict.
"We were a long way in front right through the hearing although no one would ever have thought that, of course.
"I've been saying it for 11 years and David Bain's been saying
it for 12 and we've had to go 12,000km and get out of what apparently is a very self-serving small community in New Zealand in order to get a fair hearing."
Mr Karam did not know when a retrial was likely to be. In fact, he thought there wouldn't be one.
"I think the Crown will fold once they actually look at the case. I don't think there will be a retrial, although it's a long way down the track.
"The point of this is an innocent man has spent 13 years in prison and largely because it's a fact of life in New Zealand it's very difficult to fight town hall."
Mr Karam said he had spoken to Bain after the verdict.
"Of course he's delighted but he doesn't like being in prison, especially when he's innocent.
"I think it is time for the people who have been fighting David Bain and me to reflect upon what they have been doing all these years and the politics and the personal interests that have driven the fight against David Bain."
David Bain's lawyer, Michael Reed, QC, said he was thrilled with the Privy Council decision.
"We just heard the decision that we won a retrial and it is just fantastic. We won a new trial.
"From here, we go on to a new trial unless the Crown decides it won't bother, and they should not bother."
Mr Reed said the question of Bain remaining in custody was subject to a bail application.
"We will be making a bail application to have Bain released in the meantime."
He said he was simply thrilled that justice had been achieved at long last.
"We are delighted with the result."
Detective Senior Sergeant Kallum Croudis, who was the arresting officer in the case, said he was "stuck for words" after hearing the news.
"I couldn't tell you how I really feel. It wouldn't be professional."
As there could be a retrial, any further comments would be sub judice, so it would not be wise to say anything further, he said.
Christina Gibb, a long-time friend of David Bain, said the decision was the best his supporters could hope for. They had realised there was a very low probability of Bain being released straight away.
"It's the best outcome we could hope for. It feels like a real big turning point. Recognising there was a miscarriage of justice is really important."
