Where exactly is Central Austin? If we are speaking from a real estate perspective, homes located in mostly the 78703 zip code ring in as true Central Austin. A bit of 78704, 78731 and 78746 might also be argued. Downtown Austin is in the heart of the city, and stands alone in real estate as downtown! We think of Central Austin as Lake Austin Blvd to 2222 And then bordered by Lamar on the east and Mount Bonnell on the West when searching for clients. See a range of homes available for sale in Central Austin below!