Lifeguards said a 4-meter (13-foot) shark was spotted off a nearby beach two hours after the attack.
There have been three fatal shark attacks in the area since 2004, when Bradley Smith was fatally mauled by a great white.
"If anyone is familiar with the Mick Fanning moment.it was very similar to that, where a shark pretty much popped up and ended up knocking a surfer off his board", Jovic told Australian Broadcasting Corp. radio.
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A man has been bitten by a shark off the coast of Western Australia, prompting authorities to close down the nearby Margaret River Pro global surfing event. "After that it was hard to see what was going on".
"We are placing the Margaret River Pro on hold while we work with local authorities on next steps".
Once news filtered through, the WSL put the event on hold for about an hour.
Speaking after the attack, that left bite marks to the bone on his leg, Mr Longgrass said he slapped the water in a bid to scare it off.
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"Surfer and staff safety are top priorities for the WSL and when competition resumes, further enhanced safety measures, including ski and drone presence, will be added to the event's mitigation protocols".
The man is now being taken to Royal Perth Hospital by helicopter.
Witnesses said he managed to swim back to the shore, where he is being treated for leg injuries.
Fisheries scientists from Department of Primary Industries and Regional Development will inspect the surfboard that was being used by the injured surfer. Nick Edwards, 31, also died after a shark attack while surfing at nearby South Point in 2010.
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"The World Surf League (WSL) has been alerted to a shark incident that occurred near Gracetown", a WSL spokesman said.