Police revealed on Saturday they believe the rescue mission was now a recovery mission, after rescuers found pieces of wetsuit in the water.
"We don't hold any ongoing hope, unfortunately, for Mr Sharpe's survival," Senior Sergeant Justin Tarasinski told reporters.
"We have located two pieces of his wetsuit or a wetsuit that's believed to belong to Mr Sharpe … not too far away from his last-known position.
"They've been seized and they'll go for forensic testing."
It's the fifth incident in the area in seven years. A teenage girl was killed at the same spot three years ago.
Locals said the shark-infested waters were "too dangerous" for surfers.
"Sharks are always prowling these waters at Esperance for years and for decades. We don't swim in these waters too far out from the shallow waters," Denise Colbung said.
Tarasinski said up to eight surfers were in the water at the time of the attack.
"The surfboard washed up nearby to where the attack occurred and with obvious signs of shark attack," he told reporters on Friday.
"The chances of survival are obviously pretty slim considering some of the accounts that have been provided to us."
Premier Mark McGowan described it as a "very sad and potentially tragic" situation.
Shire of Esperance president Ian Mickel said the community was saddened by the tragedy.
"It's extremely sad to hear there's been a shark attack again," he said.
"We've had a lot of attacks over the last seven years. It's just really, really disappointing."
– With NCA NewsWire
