"The victim is quite forgiving," she said.
Murray Lawes, Price's lawyer, applied for a sentence of community work in lieu of a licence disqualification because his client wouldn't be able to continue his work as a landscaper without driving.
Ms Holmes allowed a substitution of community work instead of a disqualification, as well as a payment of reparation for emotional harm to the man who was injured in the crash.
Mr Lawes said his client had "been a bit silly in a very short period of time".
"This has come as a huge wake-up call to him.
Price was suspended from driving twice for drink-driving in 2009 and 2010.
In 2013 he spent five weeks in a Japanese jail after police found him carrying 0.2g of cocaine.
Outside court, Mr Lawes said he thought the sentencing was "a very well-considered outcome".
Price will have to complete 80 hours of community work and pay the victim a lump sum of $900 within a week.