The name Balmoral was borrowed from Aberdeenshire, Scotland, probably for the cachet of its royal associations. Queen Victoria and Prince Albert visited Balmoral, with its medieval castle, for the first time in 1848. They returned repeatedly and had a new castle built, which was completed in 1856.
In Belfast the name was applied to Balmoral Terrace on Great Victoria Street in 1856 (Henderson's Belfast Street Directory). The 1860-1861 (Adair) BSD lists Balmoral Terrace (Great Victoria Street) with five addresses including three with the word vacant. In September 1858 a new railway station named Balmoral was opened on Stockman's Lane, two miles from Belfast. This seems to be the first usage of the name in South Belfast, where it later became the name of a suburb.
Balmoral Avenue is first mentioned in newspapers in 1889. Henderson BSD The Belfast and Province of Ulster Directory 1895 contains addresses of people living in Balmoral Avenue. According to Place Names NI website: “The name Balmoral has been imported from Scotland where it is the name of a residence of the royal family in Aberdeenshire and signifies ‘farm of the big clearing’, deriving from Sc.G. baile, mór in combination with Brittonic ial ‘open space’.”
Prior to 1889, when Balmoral Avenue was named, Stockman's Lane / Loaning seems to have been the name of the road all the way to the junction with Malone Road.
"Submitted application of Mr. Joseph McMaster to name a thoroughfare off Balmoral Avenue, "Balmoral Park".
Resolved – That Mr. McMaster be informed the Committee cannot approve of the name submitted, but will be prepared to approve of the name Balmoral Place in substitution for Balmoral Park". (3rd May 1927).