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Haruru Falls provides a break from the coastal scenery of the Bay of Islands area. This 5m waterfall spans the Waitangi River so it's much wider than it is tall. If you're up for prolonging your stay at the falls, I've seen people kayak to the falls.
Other diversions, besides the waterfall and its coastal scenery, include the Waitangi Treaty Grounds just north of Paihia. This is the historic grounds where modern day New Zealand essentially got started. There is a much longer trail that goes between the falls and the treaty grounds skirting the north end of the estuary.
Directions:
For more information on this waterfall such as...
maps
directions
detailed descriptions
refer to A Guide to New Zealand Waterfalls (Story Nature Press).