"I saw this shark come out of the water and breach its head and I punched it in the face with my left hand", Mr Fry told local Nine Network's Today programme on Tuesday.
He said he heard a "massive thud" and initially thought it was a friend playing around.
"So it was a bit of a close call".
Charlie Fry, a British doctor, managed to escape with superficial puncture wounds to his right shoulder and upper arm when he was attacked by the three metre-long creature off Avoca beach, north of Sydney, on Monday.
He said: "Me and my friends have just started surfing, and we saw the YouTube clip of Mick Fanning saying he punched a shark in the nose".
Surfer Mick Fanning, famously fended off a shark during a competition in 2015. "Luckily a wave came, so I just surfed the wave in", he said. "Thank you very much".
Avoca and North Avoca beaches remained closed on Tuesday as authorities closely monitored the water for any sign of the shark.
A rescue helicopter service "later spotted a ten-foot shark near the site of the attack - a section of the beach known as 'shark tower, '" says The Daily Telegraph.
Mr Fry said he punched the shark while in the water before climbing back on his board and surfing to shore.
He added: "I didn't really notice it at the time because when you're surfing, all I'm thinking was: 'I'm about to die".
"I probably wouldn't go to that point for a while".
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.
"I mean, the surf was rubbish".