The bodies of the men - two from the US and one from Canada - were not found on Aoraki, also known as Mount Cook.
But based on footprints glimpsed in the snow during an aerial survey, and items believed to belong to them retrieved from the slopes this week, the search for them has ended, Police Area Commander Inspector Vicki Walker told reporters on Friday.
The Americans - Kurt Blair, 56, from Colorado and Carlos Romero, 50, of California - were certified alpine guides, according to the website of the non-profit American Mountain Guides Association.
New Zealand authorities have not named the Canadian climber at the request of his family.
Aoraki, centre, is part of the Southern Alps and is popular among experienced climbers. (AP PHOTO)
The men flew to a hut partway up the mountain on Saturday to begin their ascent and were reported missing on Monday when they did not arrive to meet their prearranged transport after the climb.
Searchers hours later found several climbing-related items believed to belong to the men, but no sign of them, police said.
A search stalled for three days due to treacherous weather conditions in the area.
On Friday, drone operators spotted footprints in the snow and more items that authorities believe belong to the men.
The belongings - including clothing, an ice ax and energy gels - were spotted by helicopter and have been retrieved.
"After reviewing the number of days the climbers have been missing, no communication, the items we have retrieved, and our reconnaissance today, we do not believe the men have survived," Walker said.
"We believe they have taken a fall."
The search would resume if more evidence came to light, but the men's deaths have been referred to a coroner, Walker said.
Aoraki is 3724 metres high and is part of the Southern Alps, the scenic and icy mountain range that runs the length of New Zealand's South Island.
A settlement of the same name at its base is a destination for domestic and foreign tourists.
The peak is popular among experienced climbers. Its terrain is technically difficult due to crevasses, avalanche risk, changeable weather and glacier movement.
More than 240 deaths have been recorded on the mountain and in the surrounding national park since the start of the 20th century.
26°C