It all depends on where you measure and whose information you use !
399m at Riverside car park off Ramshaw Lane (http://www.orc.govt.nz “Flood Erosion Hazard” at Arrrowtown report
405m at Buckingham St CBD (http://www.mapcoordinates.net/en)
412m at Bus Park Ramshaw Lane (Ellipsoid Height at Land Information NZ Survey Point Code EFPQ http://apps.linz.govt.nz/gdb/?mode=gmap)