The benchmark SP/ASX 200 index jumped 57.9 points on the day to 4,919.3, putting the market within sight of the historic 5,000-point level and well above the previous record of 4,866.1 reached on Jan 17.
Singapore share prices closed 1 percent higher after key technology firms reported better-than-expected corporate earnings.
The Straits Times Index climbed 23.86 points to 2,412.08.
Malaysian share prices closed 0.10 percent higher in brisk trade, with sentiment supported by gains on the US markets.
The composite index rose 0.87 points to 914.01.
"The strong outlook for corporate earnings and the overnight gains on Wall Street, amid expectations of a further fall in global oil prices, provided fresh impetus for investors to take positions on penny, as well as poultry, stocks on the last trading day before the Lunar New Year," a dealer said.
"Investors are clearly anticipating a post Lunar New Year rally, but I have doubts about the quantum of gains," the dealer said.
Bangkok
Bangkok share prices closed flat as foreign investors stayed on the sidelines ahead of the Lunar New Year holiday.
Dealers said the market was marginally higher as investors took a wait-and-see stance ahead of the release of Thailand's inflation report for this month next week. The composite index edged up just 0.13 points to 761.27.
Indonesian shares closed mixed, ending up 0.25 percent as buying in select blue chips was offset by broader market losses.
The composite index closed up 3.065 points at 1,229.709.
In Manila share prices closed 0.19 percent higher as continued gains in index heavyweight Philippine Long Distance Telephone allowed the market to push its recent modest advance.
Dealers said the gains were capped by profit-taking before the Lunar New Year holiday, when many fund managers are expected to be on vacation.
The composite index rose 4.08 points to 2,121.89.
Wellington share prices closed 0.39 percent higher, following the lead of overseas markets. The NZSX-50 gross index rose 12.91 points to 3,341.10 in light trading.
In Mumbai share prices rose 1.91 percent to a fresh record high on buying by mutual funds and retail investors, led by firm Asian markets and strong economic growth projected for India.
The 30-share SENSEX rose 185.05 points to 9,870.79.
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