Pronounced (quickly) "wa-dy fa-dy", New Zealand children's slang meaning poor or bad quality.
(The 'd's are more like rolled 'r's.)
From the Māori pronounciation of the name of the large New Zealand budget chain store 'The Warehouse', which sells toys, clothes and family goods.
The 'ware' part comes from the start of the word warehouse, the 'whare' from the Māori word for house.
Eg: "Awww, that bag looks a bit ware-whare."
Meaning that bag looks cheap.
(The Warehouse has/has had a reputation for importing cheap Chinese plastic goods)