I expect this bubble to last 5+ years. Aside from the general demand in Austin, here in Cedar Park we have Dell Children's breaking ground, Bell District breaking ground, and Lakeline Park in late planning stages. Our house in Red Oaks has great conveniences on Cypress Creek Rd, great access via Little Elm to Lakeline and via Bell to the 183A / 45 Tolls, and for me a mile ride to the Brushy Creek trails from my driveway. I'd love to get further out with an acre+ lot, but as you mentioned, there is no longer anything available. We could probably clear $300K on our house but would have to get on a waiting list to pay $700K for something further out that gives us everything we want. I'm not sure who's winning in this situation, other than maybe the folks from CA who view housing here as a bargain. They may be in for surprise though given the much higher property taxes here.
For now I was able to take advantage of the peak low interest rates, refinancing at 2.5% while drawing out $60K in cash and keeping the term of my loan and my P&I nearly equivalent. Hoping I can squeeze a new Izzo out of those proceeds.