The Coalition will be forced to carry out a "fundamental reorganisation" of the party's structure to ensure its ongoing relevance to voters after its Australian election wipeout, a leading pollster says.

As votes continue to be counted after Saturday's poll, figures show the Coalition could slump to its lowest percentage of seats in parliament since the formation of the Liberal Party in the 1940s.

With 75 per cent of the vote counted, Labor has claimed 86 seats in the House of Representatives compared to the Coalition's 39, with 15 seats still in doubt.

While Anthony Albanese has claimed an expanded mandate as prime minister with a larger majority in his second term, questions are being raised as to where the Coalition will go.

Peter Dutton suffered the ignominy of becoming the first opposition leader to lose his seat, with his electorate of Dickson falling to Labor.

With his shock defeat, the search now begins for Dutton's replacement to fill the leadership vacuum.

But it could be some time before a new leader is appointed by the Liberals.

Deputy Leader Sussan Ley said the party room would meet to elect an opposition leader and deputy.

Frontrunners include Ley, shadow treasurer Angus Taylor, along with opposition frontbenchers Dan Tehan and Andrew Hastie.

Shadow Treasurer Angus Taylor. – AAP

After consulting with the party's senior leadership Ley said several seats where preferential counting was continuing would have to be decided before the meeting could take place.

She said her party was reflecting on the results with humility.

The Coalition was ahead in the polls going into 2025, before voters dramatically swung back to Labor, with questions being asked about what the party needs to do to recapture support.

With a primary vote of just 31.8 per cent, it's the lowest total the party has received at an election in its history.

YouGov director of public data Paul Smith said the election was a referendum on the leadership of Peter Dutton, which was thoroughly rejected by voters.

"The Liberal Party result was devastating and requires a fundamental reorganisation of who they are," he said.

"This is a situation where if they were a company, you would call in the administrators and look for a new business owner. It is catastrophic what happened."

Smith said the loss by the Coalition was a "self-inflicted defeat".

"Their strategy was to win working-class votes in Sydney and Melbourne but the problem was their strategy was at odds with their policies," he said.

"They now hold no seats in Perth or Adelaide and hardly any in Sydney or Melbourne and lost most seats in Brisbane."

Shadow defence minister Andrew Hastie speaks, with Peter Dutton in the background. – AAP

There is some hope of picking up a couple late seats in Victoria, with teal independents Monique Ryan and Zoe Daniel only clinging on in their electorates after strong postal returns for the Liberals.

Ryan's margin over Liberal candidate Amelia Hamer in the high-profile seat of Kooyong 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 Ryan said she no longer felt safe in the contest, declaring the outcome was a "50-50" proposition.

"Postal votes have been very much pro the conservative side so I think at this point Kooyong is very much in the air," she said. "It's possible (I could lose)."

Daniel's lead over Liberal candidate Tim Wilson in the seat of Goldstein 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 Wilson or 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.

Deputy Leader of the Opposition Sussan Ley and shadow minister for immigration Dan Tehan. – AAP

Nationals Leader David Littleproud said the parliament would be poorer without Dutton in its ranks.

He said the Coalition needed to closely examine where it went wrong.

"It's just time for us to reflect as a Coalition and to come back and to dust ourselves off. You've got to learn the lessons of this and move on," he said.

The coalition suffered a negative 3.1 per cent swing on Saturday night, with senior MPs, such as Michael Sukkar and David Coleman, also set to lose their seats.

Albanese has aimed for a tone of humility in his landslide win, thanking supporters in his inner-western Sydney seat of Grayndler on Sunday, before pledging to get back to the job at hand.

"We will be a disciplined, orderly government in our second term, just like we have been in our first," he said.

"We've been given a great honour of serving the Australian people, and we don't take it for granted, and we'll work hard each and every day."