25-year-old Peter penned a two-year deal at Tynecastle in June 2018, following the expiration of his contract at SV Ried.
The big Austrian began his career with Rapid Vienna before spending two years from 2015 at SC Austria Lustenau.
He made the move to SV Ried in 17-18 and helped them to a fourth-place finish, one point off the play-off places.
After arriving at Tynecastle, he quickly transitioned from a centre-half into a central midfielder and finished the league season as joint third-top goalscorer with seven strikes to his name.
During the season he also deputised as captain in the absence of Christophe Berra and John Souttar.