Vote counting will continue in the seat of , in northern Victoria, today with figures showing the result is still too close to call.

Liberal Sophie Mirabella has held the seat since 2001 but is locked in a close battle with local independent Cathy McGowan.

Postal votes for the seat will be counted later today and the flow of preferences is likely to determine the outcome.

Ms McGowan says every single vote will be closely examined.

"My understanding is that it will be two day but then if it's really close and there's contested returns then that takes much, much longer," she said.

"I think we should have a good feel by about Tuesday or Wednesday."

There was a 7.2 per cent swing against Ms Mirabella on the night, in stark contrast to the national mood, which means her 12-year grip on the north-eastern seat now hinges on preferences.

"It's going to be a miracle of preferences I think," Ms McGowan said.

Ms McGowan says even if she does not win, the people of Indi now know that grass roots activism can bring about the changes they want.

Ms Mirabella says voters in Indi had "the wool pulled over their eyes" when they voted for Ms McGowan on Saturday.

Ms Mirabella was not commenting on Sunday but supporters believe she has been unfairly maligned.

"She's done a lot of things for this town that they don't realise," one local resident said.

Meanwhile, Liberal Sarah Henderson is still unwilling to declare victory in the nation's most marginal seat after 2010, , which takes in outer Geelong and the surf coast.

Ms Henderson is ahead in the count on her second tilt at the seat.

"I came so close in 2010 and then fell short," she said.

"Certainly it looks at this stage as if we do have a four per cent swing in our favour.

"We also have an early indication of some good results from the pre-poll."