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It's very faint indeed but definitely sounds like one of the fans might be hitting a cable or something. A good way to find out for sure is to get smcFanControl and ramp up the fan speeds to see if the clicking also increases in speed.

If it is a problem with a fan on a new iMac your best bet is to send it (or take it) in to Apple to fix.
 
Thanks for the reply SaSaSushi, yes the sound is very faint but does get annoying. Just wanted to ask on the forums because I don't want to drag a 24 inch iMac to the Apple store.

Will look into the fan issue, due to the location (bottom right) it can't be a failing hard drive right?
 
It doesn't sound to me like a HD issue but there again, does it happen when you are accessing the hard disk? Try to move a large file and see if the clicking changes. It sounds to me like a fan. Hard drive is not on the bottom right, it is in the top center. You can see some photos of a partially disassembled aluminum iMac here. There are fans both lower left and right.
 
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