MPs Ross Butler and Daniel Hulme, who were both elected on recounts following the resignations of Paula Wreidt and Paul Lennon respectively, were unable to pull enough first preference votes to win re-election, leaving Deputy Premier Lara Giddings and first- time candidate David O'Byrne the likely seat winners for the Labor Party.

Opposition Leader Will Hodgman topped the poll in Franklin and the state, winning himself and running mate Jacquie Petrusma a seat.

Greens leader Nick McKim polled a strong 13,978 of the 58,566 formal votes counted to lead his party in what looks likely to be a hung Parliament.

Political analyst Tony McCall said that if the Greens had had a higher profile second candidate and the Liberals had fielded a stronger ticket, the two parties could have been competing to steal Labor's second seat off Mr O'Byrne.

"The Greens are just too evenly spread, with no outstanding second candidate," Dr McCall said.

Conceding defeat, Mr Hulme said incumbency had worked against the Government at this election.

"There were also a number of issues that people were clearly upset about that we needed to listen closer to, particularly about the cost of living," Mr Hulme said.

Mr Hulme, who did not rule out running again, was optimistic of Labor regaining majority at the next election.