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Hey Jacque,
When i was looking for my PPOR recently i came across many properties with overhead powerlines either around the property i was inspecting, or actually on the property (backyard).
I don't know whether they can actually cause problems in humans (wasn't there a movie about this? The Pelican brief i think, obviously fictional but still gets you thinking), but apart from the health concerns they are very ugly for the landscape and i didn't consider them desirable.
You could probably get a property at a discounted rate if they were around, however your going to have more difficulty selling it and renting it than if they weren't there because of what Nigel said "Perception". I would imagine your CG is also going to be lower than other comparable properties in the same price range in another suburb.
With all this in mind, possible health concerns, unattractive landscape, difficulties renting/selling i steered clear of them.
A final thought, what if it is proven that the health concerns are true, this would pretty much wipe out the value of this property overnight. Something i don't think anyone wants.
Cheers
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