He said: "I turned to the right and I saw a shark's head come out of the water with its teeth and I just punched it in the face".
'I just punched it with my left hand and shouted out to my mates and paddled so hard back to shore, ' he said.
"I thought it was a friend goofing around", Frye, who was bitten on the shoulder, said.
"So it was a bit of a close call".
In the life-or-death moment, the amateur surfer thought of Australian pro surfer Mick "White Lightning" Fanning, who famously fought off a shark attack at a 2015 surfing championship in South Africa by punching it in the face.
"Geez I don't know if I can tell mum, she might kill me", he said.
"So when it happened, I was like: 'Just do what Mick did".
Following the incident, Fry was rushed to the hospital suffering superficial puncture wounds on his right shoulder and arm., Fry says he will be "racing to get back in" following recovery.More news: The sweet story behind Taylor Swift's 'surprise' tribute to Jimmy Fallon's mother
"If you are watching or listening, Mick, I owe you a beer, thank you very much".
Avoca Beach and North Avoca will remain closed for Tuesday.
A helicopter rescue service photographed what is said was most likely a bronze whaler shark nearby shortly afterwards.
"I didn't really notice it at the time, because when you're surfing, all I was thinking was "I'm about to die", and I was just thinking about getting in [to shore] as fast as possible".
"I probably wouldn't go to that point for a while".
"I mean, the surf was rubbish".
As of November 1, there have been 18 shark attacks in Australia in 2017, with only one fatality, according to the Australian Shark Attack File.