Stead (26), who transferred from Christchurch this year and was added to the Otago squad after the club season, received the trophy at the awards night at Carisbrook.
Stead played consistently throughout the season and played a key role in Southern's dominance of the round robin competition and its convincing win in the Gallaway Trophy.
A feature of his play was his ability to carry the ball past the gain line to get Southern on the front foot. Stead was the top try-scorer in premier rugby with 14.
He grew up in Christchurch and was educated at Cashmere High School. He played seven years of premier rugby in Christchurch for the Sydenham club, and later played for Canterbury B.
He transferred to Dunedin from Christchurch this year to manage retail shops for Vodafone.
Points for the club player of the year are awarded each week by Otago Daily Times and Radio Sport reporters.
Stead finished with 29 points and was followed by Peter Breen (Alhambra-Union) 24, Charlie O'Connell (Taieri), Chris Bell (Zingari-Richmond) 18, Julius Glasson (Southern), Pete Mirrielees (Harbour) 17, Adam Hill (Kaikorai), Mika Mafi (Green Island), Hugh Blake (Dunedin) 16, Andrew Reid (Taieri), Paul Grant (University A) and Sam Crompton (Southern) 15.
Special awards were made to Warren Kearney (Pirates), Pete Mirrielees (Harbour), Will Henry (Dunedin), Corey Kara (Harbour), Cherie Jackson (Pirates) and Mike Kerr (Taieri), who all reached the milestone of 100 premier games, and to Shane Parata (Pirates), who has played 195 games.
Liam Edwards (Dunedin), in his first year of premier rugby, scored the most points with 193 and was followed by Breen 162, Reid 158, Cam Rutherford (Kaikorai) 152, Tony Fenner (Southern) 148 and Glenn Dickson (Pirates) 137.
Stead scored the most tries with 14 and was followed by Matt Faddes (University A), Roma Sauileoge (Green Island) 12, Edwards, O'Connell (Taieri), Kieran Moffat (Taieri) 11, Tom Davie (Taieri), Sione Pulu (Dunedin) 9, Sam Gavegan (Southern), Tony Ensor (Kaikorai) and Harry Uffindell (Southern) 8.
The Ainge Shield, which recognises overall club success and was first awarded in 1938, was won by Southern, by one point from Dunedin. Clubs must have at least five teams to be eligible.
Other awards were presented to Ben O'Keefe (top referee) and Taieri club captain Keith Kippenberger (club personality).
Club rugby reporters from the Otago Daily Times and Radio Sport named the Dunedin team of the year.