The former Banks House at 17, 17A Iona Avenue is Locally Significant architecturally and historically:
- as an externally well preserved example of the Burley Griffin school of architectural design in Australia, a highly distinctive style which derived from the work of Frank Lloyd Wright and its interpretation by Griffin and his apprentices;
- for the distinctive details and form of the design, seen in the nested roof forms, and the unusual glazing bar patterns.
- for the associations with Griffin's period in MElbourne as an era when local design standards were questioned by Griffin and his work and influence were highly publicised, particularly his role in the design of the national capital;
- for the close association with Billson who won national architectural acclaim