Better hurry up. Condo construction is taking over the city. Rental market is skyrocketing. There are 82 people relocating to Austin everyday, according to my realtor friend.
Austin experiences relatively mild boom/bust cycles. The metro area is not that big and there is still a great deal of undeveloped land so developers are always ready to build more, thus holding prices stable. The biggest problem the area faces is water supply. High property taxes of 2-3% annually offset most any gain from not having a state tax. Racial diversity is about 50 years behind most major cities.