Austin v. Phoenix - Which Market is Better?

[Nick Gerli]

Austin and Phoenix are two very hot real estate markets. Both have a lot of demographic growth. Both have seen strong appreciation in recent years.

But they have very different histories. 

Phoenix has a boom or bust past - highlighted by the massive swings in annual value appreciation in the graph below.

Austin has a much more consistent history, although with generally lower rates of appreciation during the good times. 

What market do you expect to be the superior performer over the next five years?