Independent Cathy McGowan's lead over Liberal incumbent Sophie Mirabella continued to shrink in Indi, and the seat of McEwen is still on a knife edge.

With about 8 per cent remaining to be counted, Ms McGowan's 837-vote lead in the Victorian seat had been cut to 515 at 5.40pm on Sunday.

She was optimistic on Saturday night, but acknowledged her numbers were dropping. ''I'm still hopeful but I'm not there yet,'' she told AAP at the time.

Ms McGowan feared her lead could shrink to 300 votes by Monday, despite being ahead 1500 votes on Wednesday.