Reefton is the centre of what was a large gold mining district. Now it is the main access point for the Victoria Forest Park tracks which access the old minings sites. You can camp by the river, as well as the normal range of accommodation options.
The town is on the side of the Inangahua River (you can swim) and there is a walk/cycleway that follows the river from the town to a swingbridge that takes you to the site of the original power station to the south of the town.
Like many post-mining rural towns, it still has much the same look and form of its peak mining days. It has been a gradual process, but the old wooden buildings on the main road are being renovated and a range of interesting small businesses are now present, including the usual good cafes and a distillery. A shout out to @quaintandthecurious who kindly let me take a photo of their very cool window display.
The local iSite is excellent and includes a great display of the history of the town and region. Plus there is a rough side road from Soldiers Big River Road that takes you to a viewpoint above the town, or you can walk up from near the historic power station site.