Huka Falls is more like a massive swarm of rapids. The change in elevation is not what Huka Falls is all about. Located near Taupo, the falls area is viewable from an easily accessible bridge and is free to visit.  Several tracks are available near the falls as well.  

For a really sweet-treat try to visit Huka Lodge where the grounds are riverside about a quarter mile upstream. The landscaping of the lodge property is wonderful.