All the below answers are great. I can only add that I have had a real increase in requests for the Liberty Hills area now that the toll road goes out there....not "Austin", but seems to be a place of interest of late for some Austinites.
That is a very subjective question.
If your asking for 'most desired' in terms of highest values, then your talking close into down on the west side of downtown or in Westlake (78703 / 78746 / 78731).
If your looking for an up & coming trendy area, I'd suggest 78702 (the new 78703 / 78704)
If your talking rental communities, then your talking University Area.
Otherwise, it's just a matter of your lifestyle, price range, school quality, distance to employment centers & entertainment districts, etc.
Maker Capital Group, LLC
2307 Lake Austin Blvd.
Austin, TX 78703
Austin has a lot of desireable locations from master planned communities by the lake to beautiful tree lined neighborhoods with charming older homes close to downtown. As for upcoming areas, my opinion is just south and east of central Austin. The prices are reasonable, and the homes command a very nice rent in a very short period of time(often time with multiple applications)
Please feel free to visit my website where you can click on a neighborhood from the home page. I would also be happy to provide analysis for you on any neighborhood or home.
Please feel free to contact me anytime.
It will be easy to get a lot of opinions. Just be sure you get some experienced help specific to your investment goals. What is important to each investor is unique.
The short answer would be, It is completely up to what you feel is important to your lifestyle. Every neighborhood has different appeal to different buyers. I would love to find out what your thoughts are. Students at different schools would like to be close to school, obviously. Call me and I would love to talk to you about Austin, TX as a whole.
Coldwell Banker United, REALTOR
1701 Williams Drive
Georgetown, TX 78628
One of the most popular neighborhoods in Austin is Steiner Ranch. The neighborhood has 3 community centers, 3 elementary schools and 1 middle school, the UT golf course, lake access, retail shops, trails, restaurants, and the Steiner Steakhouse. Check out: http://www.steinerranch.com. If you don't already have a Broker, please contact me at 512-695-5144 to discuss your options. Also, here is a video you might like to check out about Austin and my company: http://youtu.be/D3oMEfqXmvI
Kristee Leonard, Broker
The Leaders Realty, LLC