Much of Austin real estate has appreciated significantly over the past few years. Is it a bubble? Over-valued? Or is Austin going through a fundamental shift of its population and economy?
This article explains how some of the world’s most successful companies are moving to Austin, while many others are already here and expanding! Austin has one of the most highly educated populations and a significant pool of talent, especially in technology. The State of Texas has quite favorable tax codes. Along with the relative cost of living, albeit not as low as it once was, Austin has become a huge magnet for successful companies and business people from around the nation. (*per Austin Business Journal, Austin population growth is highest in Texas and third in the nation).
Austin is home to some of the world’s most sought after technology and entertainment festivals; SXSW and ACL! Additionally, the new medical school, Dell Medical at University of Texas, is just starting up, and with big plans to disrupt the medical universe it is attracting top scientific talent from around the world. The BioTechnology field is expected to follow also, potentially driving even more growth!
While all of this is bad news for traffic, it is positive for the long term fundamental health of Austin’s real estate market. But then again, as an Austin Real Estate Broker, I am biased and may be drinking the koolaid. Surely there will be ups and downs as inventory rises & falls, and the national/global economy freaks out from time to time… Nonetheless, I am quite comfortable with my Austin area investment properties.