At 10:30 (AEST), the benchmark ASX 200 index was up 43.40 points or 0.65 percent at 6,716.70, while the broader All Ordinaries index was up 40.30 points or 0.58 percent at 6,980.90.
U.S. share markets were mixed on Friday with the Dow Jones slumping by 1.50 percent while the tech-heavy Nasdaq clawed back a small portion of its weekly declines.
"Asia Pacific markets are looking at a nervous start to the trading week ahead of the release of important data from around the world," CMC Markets chief market strategist Michael McCarthy said.
"Markets are particularly sensitive to economic data at the moment because of the disagreement between central banks and bond traders about the inflation outlook."
Real estate and information technology were leading local market gains, up 2.84 percent and 2.64 percent respectively. Materials was the only sector in the red.
In the financial space, the big banks surged with Commonwealth Bank up (1.30 percent), National Australia Bank up (1.08 percent), Westpac Bank up (0.84 percent) and ANZ up (0.65 percent).
Mining stocks were mixed with BHP up (0.72 percent), Rio Tinto up (0.24 percent), Fortescue Metals down (5.43 percent), and gold miner Newcrest down (0.37 percent).
The country's oil and gas producers varied with Oil Search unchanged (0.00 percent), Santos up (0.42 percent) and Woodside Petroleum up (0.33 percent).
Australia's largest supermarkets surged with Coles up (1.50 percent), and Woolworths up (1.37 percent).
Meanwhile, telecommunications giant Telstra surged (1.46 percent), the national carrier Qantas remained unchanged (0.00 percent) and biomedical firm CSL soared (2.19 percent).
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