Labor projected to govern in majority after winning the NSW election ...

Dominic Perrottet has called Chris Minns to concede defeat in the New South Wales election with Labor set for majority government.

Key points:Chris Minns will become the 47th premier of NSWLabor picks up key seats in Western Sydney like Parramatta and PenrithFormer premier Mike Baird says the Liberal Party "let down" Mr Perrottet

Mr Minns will be the 47th premier of the state after leading his party to an election win after 12 years in opposition.

Labor will hold at least 47 seats in the 93 member lower house.

The party has picked up at least nine seats from the Coalition, including key seats in Western Sydney like Parramatta and Penrith, as well as the regional seats of South Coast and Monaro.

It makes it the third time since World War II that Labor has gone from opposition into government in NSW, the last time winning with just one seat. 

Live coverage: follow the latest develpments on the ABC's NSW election blog

After the Coalition conceded they would lose formerly Liberal-held seats of Parramatta and South Coast, the numbers proved they could not form a majority government. 

Labor leader Chris Minns has been declared the winner of the New South Wales state election. (AAP: Dean Lewins)

ABC election analyst Antony Green said Labor had already won above 40 seats, and the Coalition was struggling to get above 27. 

"That is not going to turn around, Labor will have more seats in parliament," he told the ABC.

"There will be a change in government."'

Former NSW Liberal premier Mike Baird said communities had been taken for granted, and Mr Perrottet was hampered by his own colleagues. 

"He has fought this battle with two hands tied behind his back," he said. 

"The Liberal Party has let down Dom."

Surprise and jubilation at Labor HQ in Brighton Le Sands.(ABC News: Harriet Tatham) Labor faithful at Brighton Le Sands cry with joy from the election result. (ABC News: Harriet Tatham)

Treasurer Matt Kean earlier in the evening conceded it was a tough uphill battle to win four terms in a row, "like fighting gravity".

"The deck is stacked against us here. It is going to be Mount Everest," he told the ABC.

Outgoing Transport Minister David Elliott said he was shocked they lost the South Coast seat to Liza Butler.

"It just appears that the vote couldn't hold up with a new candidate and we're likely to lose that with a significant swing against us."

Mr Elliott said amid the inevitable post-election review, the party needed to find candidates for the next election immediately.

"We have to find an opposition leader that's going to hold Labor to account, and we have to start the fight tomorrow.

"Personally, I would be talking to people about putting Kellie Sloane straight into it.

"She's got the communication skills, she's got the appeal to be the premier of NSW."

Greens MP Jenny Leong retained her seat of Newtown. (ABC News: Jake Lapham) Jubilation at Greens HQ as Jenny Leong secures another win in Newtown. (ABC News: Jake Lapham)

The Greens' function at the Annandale Hotel rung out with cheers as Jenny Leong unsurprisingly claimed victory in Newtown. 

An anxious wait continues in the Greens-held Balmain, following the retirement of sitting member Jamie Parker, leading to a swing so far to Labor candidate Philippa Scott. 

"It's looking pretty tight on all fronts," she said. 

This year a record number of postal votes were cast, with 1,566,493 early votes already cast.