Prime Minister Anthony Albanese introduced Chris Minns at the Novotel in Brighton Le Sands and praised Labor's victory in NSW.
"Tonight the people of NSW have come together to choose a better future," Mr Albanese said.
"And it starts with a great leader. A leader with a vision, compassion, and integrity. A leader guided by fairness, equality, and the fair go.
"Chris Minns has been a great leader for New South Wales Labor."
Mr Minns entered the venue to cheers from supporters who swamped the Labor leader as he made his way to the stage.
"After 12 years in opposition, the people of NSW have voted for a fresh start," Mr Minns said.
"I would like to say thank you to the Premier (Dominic Perrottet) for his service on behalf of the people of NSW.
"I think it is undeniably the case at this election campaign, perhaps uniquely, was a model of respect and civility, and neither party took the low road."
In the heart of Sydney's south, Labor's "true believers" partied into the night to celebrate their return to government.
Volunteers, MPs and party faithful swamped the Novotel in red t-shirts cheering as seat after seat flipped in their favour.
Many supporters said the victory had not yet "sunk in" while even the most loyal said they were shocked at the size of the monstrous swings in some surprising seats.
NSW election results: Chris Minns wins, Dominic Perrottet quits as leader after loss
Labor leader Chris Minns is set to become the next premier of NSW after seizing power from the Coalition in an election bloodbath, especially in western Sydney.
Labor leader Chris Minns is set to become the next premier of NSW after seizing power from the Coalition in an election bloodbath, especially in western Sydney.
In a feat only achieved only twice since World War II, Labor has dragged itself out of the opposition wilderness on the back of significant swings triggered by disaffected voters who declared it was time for change.
The result triggered immediate bloodletting among Liberals – one declaring the brand as “toxic” and “cooked” – as other blamed bitter infighting, preselection feud and the legacy of the Morrison government.
Mr Minns entered the election with 36 seats, and needing to win 11 to govern outright – and by 9pm he had claimed the necessary 47, many of those his party lost in western Sydney in 2011.
At 9.30pm with just under 40 per cent of the vote counted a statewide swing of seven per cent was being recorded against the Coalition.
Counting had barely started when a swing began emerging, with the prized Liberal seat of Penrith falling to Labor, ending the political career of Stuart Ayres.
The carnage continued in Parramatta where the retirement of Corrections Minister Geoff Lee together with delays and internal feuding over the choice of Liberal candidate handed the seat to Labor.
The Western Sydney wipe-out also resulted in seats such as East Hills, Camden and Leppington heading to Labor, and even a surprise win with Terrigal on the Central Coast.
Labor was also set to gain the Liberal held seat of Heathcote and was ahead in Holsworthy, where Liberal Melanie Gibbons was booted out in a preselection.
However, Ms Gibbons – who was later parachuted in to Kiama by Mr Perrottet – was just ahead of independent and ex-Liberal Gareth Ward with 30 per cent of the vote counted in the seat. Labor also claimed the Liberal seat of Ryde held by retiring Customer Service Minister Victor Dominello.
The Nationals also took a battering, and appeared to be losing grip on Monaro, once held by former deputy premier John Barilaro, to Labor veteran Steve Whan.
Labor reclaimed the seat of Bega it won at the by-election and expanded its territory in the bush with the Liberal held-seat of South Coast. It was also ahead in the Liberal-held seat of Goulburn – a seat it has not held since 1965.
Multiculturalism Minister Mark Coure was last night fighting to retain his seat of Oatley with big swings to Labor, although was ahead with more than half the votes counted.Labor also gained the Liberal-held seat of Riverstone in Sydney’s north west.
However, Labor was being made to work for the seat of Balmain against the Greens, who were ahead last night.
On Sydney’s northern beaches, popular mayor Michael Regan was ahead in the once safe Liberal seat of Wakehurst, held by retiring Health Minister Brad Hazzard, while Liberal MP Tim James was battling to hold the seat of Willoughby against independent Larissa Penn.
Despite Mr Minns adopting a low-ball strategy compared with the bolder pledges offered by Mr Perrottet, voters overwhelmingly decided it was time for change after 12 years of Coalition reign.
The win means there is now wall-to-wall Labor governments across the mainland, with the Liberals only in power in Tasmania.
The first to call a win for Mr Minns was Labor veteran Graham Richardson who declared it for his party shortly before 7.30pm.
Mr Richardson told The Sunday Telegraph that Labor – and Mr Minns – was here to stay, with the win signalling a new ear for the party.
“He won’t be a oncer,” he said. “Labor is in power around Australia at the moment. It is part of the cycle.
“But I also think this guy is very sensitive and fair. He is not given to fighting from the hip. He will be pretty good.”
The last two times Labor won from opposition was in 1995 with Bob Carr – who had to win three seats – and in 1976 with Neville Wran who had to win six seats.
In both elections, Labor crawled out of opposition with a one-seat majority.
Former Liberal Premier Mike Baird slammed his own party, saying Mr Perrottet was forced to battle the election “with two hands tied behind his back”.
He said the Liberal party back house had a big role to play in Mr Perrottet losing the state’s top job.
“We’ve spent more time talking about Manhattan in New York than we have about Mulgoa, and that resonates locally,” he said during Nine’ election coverage.
“The party has let Dom down and the government.
“We have to change, and this sort of result will hopefully lead to that.”
Former Transport Minister David Elliott was more blunt: “We’re trying to get people into parliament but we’re getting shit people into parliament.”
Liberal Senator Andrew Bragg said the party’s brand had taken a “huge hit” at the last federal election, “and I believe that is still around. We need to be careful we don’t pursue marginal issues.”
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Updates
Minns claims victory in front of cheering supporters
Kean refuses to be drawn on Liberal leadership after Dom quits
Matt Kean said he "honestly hasn't thought about" replacing Dominic Perrottet as leader of the Liberal party.
The defeated Premier announced he was stepping down from the top job, sparking conversation about who will take his place.
When asked by ABC if he will be seeking leadership, Mr Kean said "it is too early for those discussions", going on to praise Mr Perrottet.
"Dom Perrottet can hold his head up high knowing that he has done a great job for the Liberal Party and a great job for
New South Wales."
Perrottet stands down as Liberal leader after election bloodbath
Dominic Perrottet was gracious in defeat when he addressed the Liberal Party faithful at their post-campaign party at the Hilton Hotel in Sydney’s CBD.
Mr Perrottet urged NSW to support Mr Minns as he began life as premier but also used his concession speech to step down as Liberal leader.
"A short while ago I called Chris Minns to congratulate him and the Labor Party on their election victory," Perrottet said.
"The great people of NSW have tonight decided to elect a Labor government into this state, and that is a decision that we respect.
"Elections can get ugly, but I believe this election was truly was a race to the top, a genuine battle of ideas, and that is when politics is at its best.
"And that is why I truly believe and have no doubt that he will make a fine 47th Premier of NSW.
"And ultimately, I ask everybody across NSW, whatever your political persuasion, to get behind him."
From the moment results starting to roll in, it wasn’t good news for the Liberal Party, with the first batch of results immediately casting a gloomy silence at their post-campaign party.
A small band of party loyalists stood in the mostly empty ballroom of the plush hotel, quietly watching on as big screens played the news which confirmed their party was heading rapidly towards being dumped from power after 12 years running the state.
Shortly after TV channels began calling the result a Labor win, the sound was switched off, and by 8.30pm the live streams were cut off, replaced by the Liberal Party slogan being projected silently onto the big screen.
By 9.30pm, not a single Coalition MP had shown up to the function, with the room instead starting to fill with party supporters and volunteers still donning their Liberal party shirts after spending the day handing out how to vote cards at polling booths across the city.
Instead MPs and candidates hunkered down in their own electorates, as the extent of the state-wide swing against the party became apparent.
No change in Liberal leadership on the cards: Kean
Matt Kean has thrown his support behind Dominic Perrottet following the Liberal party's predicted loss.
Mr Kean is considered a contender to replace Perrottet as leader of the Liberal party.
"We have a leader at the moment; it is Dominic Perrottet, he's a leader as long as he wants. Dominic Perrottet has done a stellar job pulling the Liberal Party of the National Party together after the loss of Gladys Berejiklian, there was a huge challenge for us.
"Dominic Perrottet is one of the best leaders we have in the country, he has devoted his entire professional life to the Liberal values and our cause… Dominic
Perrottet has the right to choose what he does next.
Despite the warm words, when pressed by ABC, Mr Kean stopped short of ruling out ever replacing the current Liberal leader.
"There are still seats at play. It is too early to be certain about what the future holds."
Perrottet concedes defeat at 9pm
Dominic Perrottet has phoned Chris Minns to concede defeat in the NSW election after big swings to the ALP.
Albo leaves Rabbitohs to join Minns
Prime Minister Anthony Albanese is set to introduce Chris Minns as the new premier of NSW at a victory party tonight.
According to Nine's election panel, the Prime Minister is leaving the NRL match between the Rabbitohs and Sea Eagles at half time to make it to Minns' camp.
Chris Minns and his wife Anna have just left their home in Kogarah and are headed to Brighton Le Sands for the celebration.
"It is a very special moment and it's such a privilege to serve the state in that role," former Premier Mike Baird said.
"To see him in this role, it's a long road but he deserves it."
Labor picks up newly-formed seat of Leppington
The new seat of Leppington has been called for Labor.
Nathan Hagarty is set to be the seat’s inaugural MP with 47.15 per cent of the primary vote and 54.86 per cent on a two-party preferred basis.
The function room at the Mercure Hotel at the Liverpool Catholic Club is packed as volunteers await his arrival.
One Nation candidate Mandar Tamhankar was the ‘best of the rest’ in the seat with 7.9 per cent of the primary vote, ahead of The Greens Apurva Shukla with 4.9 per cent.
Labor's strong show on NSW south coast
Labor has taken a commanding lead south of Sydney with the seats of South Coast and Bega both claimed by 8:30pm.
Labor candidate for South Coast, Liza Butler had defeated Liberal candidate, Luke Sikora in an almost 15 per cent swing.
She said the election result showed “people want change”.
“We have just won a seat that the Liberal party has held for 20 years,” she said.
Meanwhile in Bega Labor member Michael Holland has been re-elected, beating Liberal candidate Russell Fitzpatrick.
He celebrated being "the first Labor member to be re-elected in Bega".
Gareth Ward set to retain Kiama
Former Liberal MP, turned independent, Gareth Ward appears set to retain his seat of Kiama.
Less than two hours after voting closed the popular south coast incumbent appeared likely to claim the seat, according to Sky News after about 10 per cent of the vote had been counted.
Mr Ward has recorded strong early numbers at voting stations, particularly in the south of the electorate, including Gerringong Town Hall, Berry Public School and Bomaderry Public School.
Sky News calls Labor victory
Sky News has called the election for Chris Minns and the Labor Party.
“Chris Minns will be the next Premier of NSW,” Sky News Analyst Tom Connell said at 8.04pm.
With either party needing to win 47 seats to form government, Mr Connell said:“Forty would be the best possible result (for the Liberals).”
Sky News analyst Peta Credlin said: “The it’s time factor is very high.”
“Retail politics and the value based politics has been missing,” Ms Credlin said.
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