Thank you for submitting the photo.  As the leaf tips and margins have yellowed and browned, this looks like it could be due to drought stress that has occurred since its planting.  Until well established, peonies are very subject to drought stress, especially if you have a relatively sandy soil.    Please ensure that the peony receives sufficient water during drier periods.   

It's not a clear enough photo to show if there is any sign of fungal infection (black dots or spots in the yellow/brown areas).   If you see this, you should remove the affected leaves, clean up any old leaves under the peony, keep the foliage dry when watering, and continue spraying with a fungicide (like Neem or copper-based) to help prevent infection of other leaves.

Here's some information about "Rose Replant Disease that you might find interesting - https://www.rose.org/single-post/2018/03/20/advanced-in-understanding-rose-replant-disease.   If there is a soil nutrient deficiency or soil is compacted or if there was a soil borne pathogen when the rose was there, that might have an effect on the peony.  If you're concerned about this, you can replant the peony either in a large container or somewhere else in the yard.   In any case, ensure that it gets enough water during our dry season.

Good luck