The suburb is named after George Thomas Palmer (1784–1854) who established a settlement in the Canberra region in 1826 called Palmerville, which was later renamed Ginninderra.

Palmerston is mainly a residential area with a mix of single homes and duplexes.

Fruit trees, including plums and apples are scattered along the public thoroughfares of Palmerston.

[3][4] Palmerston is underlaid by the Canberra Formation from the late middle Silurian age.

The Gungahlin fault also parallels the folds and cuts through the east side of Palmerston.