The former QPR manager was impressed with the performance of the English striker against Brighton & Hove Albion at Loftus Road earlier this month.
The 26-year-old scored twice in that Championship game, as Rangers staged a comeback to play out a 2-2 draw.
“His performance was outstanding,” Holloway told Sky Sports about Austin. “He more than deserved to get two goals. The first was a thumping finish and the second was a textbook header.
“His knowledge of the game is incredible. He knows where to run and when to run there. It's a tricky skill to master as a centre-forward and he has got it sussed.
“I love watching him. Austin grabbed the game by the bootstraps and dragged his team back into the match. It was a pleasure to watch.”
Austin has been on the books of QPR since 2013 and is one of the best players in the team.
The 26-year-old scored 18 goals and created 23 chances in 35 Premier League appearances for Rangers last season.
So far this campaign, the former Burnley star has scored 10 goals and created 17 chances in 16 Championship games.
QPR are 12th in the Championship table at the moment with 29 points from 22 matches, five points behind sixth-placed Ipswich Town.
Jimmy Floyd Hasselbaink’s side will face Ipswich away from home at Portman Road in the Championship on Boxing Day.