9News has called the election as a Labor victory less than two-and-a-half hours into vote counting, with Daniel Andrews set for a third term as premier.
"He will win a third term as Premier of Victoria, taking his place in the pantheon of leaders of the Labor Party," 9News' Chief Political Editor Charles Croucher has declared.
Labor appears set to secure the win despite looking like it will lose a number of seats to Liberals and the Greens.
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But the outcome is set to be nowhere near as clear as Labor's landslide win in 2018.
Whether it is a majority or minority win is not expected to be known for some time.
It is looking like Premier Daniel Andrews will win his seat of Mulgrave as one of the only seats set to be won on primary votes.
Speaking live on 9News' election panel before vote counting begun, former Labor Premier John Brumby said he thought it was "impossible for the Liberal Party to win", saying he couldn't see them winning a number of seats higher than in the low 30s.
"They'll win some seats, there's no doubt about that, but they're going to lose to seats to some independents or teal candidates," he predicted.
"I can't get them past the low to mid 30s at absolute tops."
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Brumby accurately said the contest tonight would be a question of whether Labor forms a majority or minority government.
"But you are going to see a lot of seats change hands."
Record number of early voters this election
A smaller proportion of voters turned out on election day than ever this year, with more than 56 per cent of eligible Victorians having already cast their vote before today.
A massive 1,908,400 voters - 43.4 per cent of the total 4,394,465 registered voters - hit up early voting booths in the past 12 days.
A further 586,208 Victorians applied for postal votes.
LIVE UPDATES: Follow all the key seats and calls in our blog here
This unprecedented amount of early voters was thought to delay a result tonight, particularly if it will be a close contest.
Early votes are only being counted tonight along with all votes submitted today.
Large numbers of early votes have been known to delay results at previous elections, with resources being stretched between on-the-day polling booths and early vote counting.
