agreed with both of you - pedestrian priority and lower speed limits are key, but in this case the street is designed to slow down cars through traffic calming measures like its narrowness, speed bumps, shared people/car space, etc. And designing streets for safe speeds is arguably more effective than just putting up a 10km/h sign.

Somewhat similar to Fort Street/O'Connell Street in town, which had a speed limit of 50 for a long time, but were still considered living streets because they're designed to slow traffic

As for a formal classification, this street seems to meet some (but not many) of the key points from this 12 year old guide from the NZTA (page 37, §5.5.1) https://www.nzta.govt.nz/assets/resources/pedestrian-planning-guide/docs/pedestrian-planning-guide.pdf, likewise with this 2019 publication from AT (page 152 of https://at.govt.nz/media/1980686/urban-street-and-road-design-guide.pdf)