As several agents have answered it is Cherry Creek. But that's only a small section of South Austin. There are lots of other great neighborhoods like Circle C, Harris Ranch, WEstgate, and Sunset Valley that have similar homes and pricepoints.
I've got a pretty complete neighborhood guide on my website - if you want to check out more details about some of these places:
Feel free to email me or call if you want more info about schools, shopping, or other cool things in South Austin.