Hey, what source are you using for elevation? According to the background imagery "LINZ NZ Topo50 Gridless Maps", the elevation is 152 metres. LINZ is the source used for almost all elevations in NZ

a second source also says "over 148 metres": https://mustdonewzealand.co.nz/tours/hole-in-the-rock-bay-of-islands-2022/