The battle for the traditionally blue-ribbon seat of Hawthorn is going down to the wire, with Victorian Liberal frontbencher and leadership contender John Pesutto trailing his Labor rival by just 47 votes.

With almost 90 per cent of the vote counted by Wednesday night, Labor's John Kennedy was in the lead with 50.1 per cent of the two-party preferred vote.

Mr Pesutto will contest the Liberal leadership if he survives the count, following Matthew Guy's resignation.

Shadow Treasurer Michael O'Brien is understood to be consulting colleagues about making a tilt for the job.

Victorian Electoral Commission figures show a swing of 8.7 per cent against Mr Pesutto, following the Coalition's crushing election defeat.

Sorry, this video has expired Matthew Guy concedes defeat on election night

The Shadow Attorney-General endured the excruciating experience of learning he was in danger of losing his once-safe seat in Melbourne's inner-east on the ABC's live election night broadcast.

He was one of several Liberal MPs who found themselves at risk of losing their seats in suburban electorates traditionally held by the Liberal Party.

State Liberal MPs will meet to vote on a new leader next week.

At least seven other seats are still too close to call.

In the seat of Ripon in Western Victoria, sitting Liberal member Louise Staley leads her Labor candidate by 52 votes.

In Brunswick, formerly held by Labor's Jane Garrett, Greens candidate Tim Read leads Labor's Cindy O'Connor by 353 votes.

In Benambra, in North-East Victoria, independent Jacqui Hawkins — a former staffer to federal independent Cathy McGowan — is in with a chance of defeating Liberal MP Bill Tilley.

Ms Hawkins said Ms McGowan and Shepparton MP Suzanna Sheed had demonstrated the importance of independent MPs in Parliament.

Suzanna Sheed could soon have more company on the crossbench. ( ABC News; Stephanie Anderson )

"We're yet to see how this will play out but regardless, we have made this seat marginal," she said.

"That is what we set out to do and we have made it happen, so whatever comes next is a bonus."



Meanwhile in Morwell, sitting independent Russell Northe has pulled away in Morwell to lead Labor by more than 1,600 votes.

The election result is expected to deliver Labor at least 52 seats in the 88-seat Lower House.