Dallas-Fort Worth has the steadiest growth in the state because it provides many of the financial and business services that other markets need. Recent job growth has stayed high even as other markets have cooled off a bit. Pretty much any kind of real estate investment can be successful here - renters are half the population and many jobs are in the higher-paid finance, consulting and computer industries.
State government in Austin, including the staff of the state university, provides a large population of potential renters with moderate income, especially as home prices increased 30 percent over the last three years. The growing computer industry provides higher-paying jobs. Austin had the fastest population growth of the big Texas markets over the last five years, so demand outstripped the pace of home building. This creates a dilemma for investors - on the one hand, home prices will keep rising...for a while - on the other hand, with job growth slowing there will eventually be too much building. Different investments do best at different stages of the demand cycle. Right now you don't want to flip homes in Austin, you can't buy bargains. You CAN invest in rentals - single-family and apartments - but you need to make sure you don't overpay; do not expect prices and rents to increase as they have the last few years.