The Liberals could be at risk of getting just one seat in Clark if party candidates Madeleine Ogilvie or Simon Behrakis are excluded before leading independent candidates Kristie Johnston and Sue Hickey.
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If this was to be the case, the party would only be able to form government in minority with its 12 seats.
And Premier Peter Gutwein would be tested on his vow to resign the leadership if the election result delivered a minority government.
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All postal votes for the electorate were counted on Tuesday with neither candidate scoring a quota.
The top five in the race for the seats are Greens leader Cassy O'Connor, Liberal minister Elise Archer, Labor's Ella Haddad, and independent candidates Kristie Johnston and Sue Hickey.
It was earlier expected that the Liberals would pick up a second seat once preferences were distributed and either Ms Johnston or Ms Hickey would win a seat.
Election analysts Antony Green and Kevin Bonham on social media both said if there was significant leakage from the Liberal vote, it was possible the final Liberal candidate could be excluded before the leading two independent candidates.
Despite this possibility, however, Dr Bonham predicted the Liberals would win just enough votes to win the second seat.
In Lyons, the throw of Labor leader Rebecca White's surplus votes to fellow incumbent Jen Butler ensured she would be re-elected to Parliament.
Earlier in the race, it appeared there was a threat she might be beaten by Labor candidate Janet Lambert.
Liberal minister Guy Barnett has been re-elected and Mark Shelton is set to be the next party member to win a quota.
It remains unknown if John Tucker can hold off Liberal candidate Stephanie Cameron during the preference cut-up.
The make-up of the Franklin electorate will remain two Liberal seats, two Labor seats, and one Green seat.
Labor's Dean Winter still leads leadership aspirant David O'Byrne in Franklin.
Television personality and Liberal candidate Nick Duigan has been elected to the Legislative Council seat of Windermere
Mr Duigan defeated Labor's Geoff Lyons and independent candidates Will Smith, Rob Soward and Vivienne Gale for the seat.
Speaking from his motel room in Melbourne where he is filming for TV show Hook Line and Sinker, Mr Duigan described waiting for results on Tuesday as a rollercoaster.
"It's completely overwhelming, it's been a really long and at times anxious wait," he said.
"We always knew the preference split up would be today, and it's been a really tense day with a range of emotional ups and downs, it's been a rollercoaster really.
"I feel somewhat relieved, but a bit overwhelmed."
Mr Duigan said it was humbling to be given the responsibility by Windermere voters, to be so "graciously and roundly accepted".
"I don't have any legislative experience but people have seen something in me and have voted in good support of me to give me a crack at this, and I'm really conscious of that responsibility," he said.
The race is still on for the five seats in Bass, with candidates seeking a quota of 11,226 for election.
Premier Peter Gutwein returned more than 32,000 first preference votes, he lead his team over the line, with Sarah Courtney also receiving a full quota.
As of the end of count on Tuesday, Liberal MHA Michael Ferguson was next to receive a quota after preference distribution, sitting on 11,181 votes.
Labor are set to return two seats in Bass, with deputy leader Michelle O'Byrne leading the count at 8,528 votes.
Sitting member Jennifer Houston is set to lose her seat, with candidate Janie Finlay sitting at 3.5 times her primary vote - 6,456 to 1,827.