Teal independents Monique Ryan and Zoe Daniel are clinging on in their election races after strong postal returns for the Liberals.
Dr Ryan's margin over Liberal candidate Amelia Hamer in the high-profile seat in Melbourne's leafy inner east has shrunk to 1891 votes following postal returns.
The former paediatric neurologist declared victory on Saturday night, with her husband holding up a "Kooyong we did it!" sign before she addressed supporters.
But Dr Ryan said she no longer felt safe in the contest, declaring the outcome was a "50-50" proposition.
"Things were looking good on the night, in (election analyst) Antony Green we trusted," she told ABC Radio Melbourne on Monday morning.
"But postal votes have been very much pro the conservative side so I think at this point Kooyong is very much in the air. It's possible (I could lose)."
Ms Daniel's lead over Liberal candidate Tim Wilson has dwindled to fewer than 100 votes after postal returns.
The former journalist said on Sunday it would take days for the result to be confirmed.
If Mr Wilson or Ms Hamer are able to turn the tables on the teals, they're likely to be the Liberal's only federal representatives in metropolitan Melbourne.
Liberal frontbencher Michael Sukkar has lost his ultra marginal seat of Deakin, with Menzies too close to call as up-and-coming MP Keith Wolahan narrows Labor's lead.
Aaron Violi is projected to hold onto the neighbouring seat of Casey after trailing Labor's Naomi Oakley on the night but fellow Liberal Zoe McKenzie's battle with independent Ben Smith is too close to call.
La Trobe MP Jason Woods, who survived a primary vote swing of five per cent against him, said the Liberals "double trouble" attack on Anthony Albanese and Premier Jacinta Allan failed to land with voters.
"It just didn't cut through at all," he said.
Elsewhere, Labor's Sarah Whitty is ahead of Greens leader Adam Bandt in Melbourne and long-time Labor MP Peter Khalil leads Wills over the Greens former state leader Samantha Ratnam.
But Lisa Chester's race with Nationals candidate Andrew Lethlean in Bendigo, which overlaps the state premier's seat, was too close to call.
Ms Allan claimed credit for Labor's stunning result in Victoria when speaking to reporters on Sunday, declaring it wasn't in spite of her government's work but because of it.
Deputy Prime Minster Richard Marles wasn't so sure, suggesting people voted on federal issues and the choice between Mr Albanese and Peter Dutton.
"I was confident in the context of Victoria ... that as we got closer to the election people would ultimately see that that was the choice," he said.
Former Liberal strategist turned pollster Tony Barry led off recriminations of the party on election night, calling the state branch a "broken institution".
He noted state Liberal leader Brad Battin promoted outspoken MP Moira Deeming to become his "representative to the western suburbs" during the campaign as she continues to pursue former leader John Pesutto for legal costs following her defamation trial win.
