Banool is derived from the Woi Wurrung word for hill. It was the name of a house on the north side of Studley Park Road owned by the newspaper Syme family. After the turn of the century it became more fashionable to live in grand, but smaller and more manageable houses in Toorak. Banool was pulled down in about 1920 and the land subdivided. Banool Avenue now runs through what was once the property of long-time editor of the Age, Geoffrey Syme.