Labor has matched the 55 seats it won at the Victorian election four years ago and could go one better if the final contest falls its way.
The seat of Pakenham in Melbourne's east was added to Labor's tally on Thursday afternoon after final preference distributions.
Labor's Emma Vulin declared victory over Liberal candidate David Farrelly on social media after most recently trailing by fewer than 100 votes.
"This afternoon the count was completed for Pakenham, and after a tight race I am pleased to say we won," she wrote on Facebook.
"I will advocate for our community in Spring Street with the same fight that saw me rehabilitate after my stroke."
It means Labor has claimed at least 55 seats, equalling the total it won in 2018's "Danslide".
It will better that result if it adds Bass, where Labor incumbent Jordan Crugnale leads the Liberals' Aaron Brown by 211 votes.
The Victorian Electoral Commission confirmed preference distributions for Bass would be finalised and published on Friday.
An election for the Liberal-held regional seat of Narracan will be held at a later date after the death of Nationals candidate Shaun Gilchrist.
Despite their political fates being unclear, Mr Farrelly and the Liberals' candidate for Narracan, Wayne Farnham, were among those to attend Thursday's Liberal party room meeting, where comeback MP John Pesutto was elected leader.
Mr Pesutto, 52, beat out Berwick MP Brad Battin to succeed Matthew Guy as state Liberal leader in a reported vote of 17-16.
The Traralgon-born former lawyer said he would work constructively with Premier Daniel Andrews, but his first priority was to hold the government to account.
"We're going to call out mismanagement where it occurs; we're going to call out blowouts wherever they occur; we'll call out corruption wherever it might exist," Mr Pesutto told reporters.
With women accounting for 10 of the 33 party room attendees, Mr Pesutto said he was open to exploring quotas for female candidates to boost female representation.
Mr Pesutto narrowly reclaimed his seat of Hawthorn in Melbourne's inner east after losing it to retired principal John Kennedy on live television at the 2018 state election.
The former shadow attorney-general faces a tough task to revive the party's fortunes before the 2026 election after securing 29 per cent of the primary vote in November's poll - its worst result in decades.