Liberals retain all their seats in St George and Sutherland Shire

The Coalition has been returned to office in NSW and retained all the seats it held previously in St George and Sutherland Shire.

Gladys Berejiklian became the first woman to be elected NSW premier - she was handed the baton mid-term by Mike Baird, as was the case with the previous female premier Kristina Keneally.

Ms Berejiklian thanked voters for electing a woman and "someone with a long surname".

An elated Ms Berejiklian said the Coalition, which has now won three straight terms, would "continue to work our guts out" for the people of NSW.

The Coalition fared better than late opinion polls suggested but, with two seats undecided, Ms Berejiklian could still face the prospect of a minority government

Pauline Hanson's One Nation candidate Mark Latham looks likely to win a seat in the upper house.

Sutherland Shire results

St George results

More to come

Earlier

ABC elections analyst Antony Green says NSW's Coalition has won the state election, but may be in a minority government.

Mr Green said Labor will be unable to win more seats than the Coalition who have won about 45 seats, and need 47 to form a majority government.

It is unclear whether the Coalition will be returned in the majority or minority.

"It's probably in the majority ... but as I've said I've had some difficulty with some of these seats, so I'm inclined to be cautious as to whether it's a majority or minority," Mr Green said.

Nine has also called the NSW election for the Coalition.

But whether Premier Gladys Berejiklian will be able to form government with just the Nationals and the Coalition is yet to be seen.

The prospect of victory is rapidly slipping from the grasp of the Labor Party as the vote comes in.

"It's getting harder and harder to see how the ALP can form a government," Nine political editor Chris Uhlmann said.

"It's possible the Coalition may form government in their own right."

Gladys Berejiklian will become the first woman to be popularly elected premier in NSW history.

It appears voters in St George and Sutherland Shire do not want change on the political landscape with all incumbents retaining their seats.