The 27-year-old Canberra playmaker will take the place of the Wolves' marquee player Tyrone Roberts when he cuts short his stay with the club by leaving at the end of the season.
Price says Warrington fought off competition from both Super League and the NRL to secure his signature.
"I've watched Blake closely for a number of years over in the NRL and he's a guy who, when you come to review the opposition, your game plan heavily revolves around, which says a lot about the type of player he is," Price said.
"He has an outstanding running game and is always a threat with the ball in his hand. He's a big body so hard to handle, with electric footwork.
"I feel he is going to be a quality signing for our club and I'm excited to be able to work with Blake next year.
"When I was fortunate to be assistant coach alongside Shane Flanagan at Cronulla Sharks for the semi-final down at Canberra, we heavily revolved our game plan around Blake as he's certainly an excitement machine.
"This is a massive coup for our club as a number of clubs were in for him in both the UK and Australia which says a lot about the quality of player he is."
Austin began his NRL career with Penrith in 2011 and had a season at Wests Tigers before joining Canberra ahead of the 2015 season. His current NRL appearance total is 114 with 42 tries.
Austin said: "I'm really excited to be joining the Warrington Wolves. No-one I've spoken to has had a bad word to say about the club.
"I'm stoked I get the chance to come over in what I believe can be the best years of my footy career, and not a cameo at the tail end of my career.
"My partner and I have always wanted to experience England and the Super League and can't wait to embrace the Wolves and everything Warrington has to offer."
