Victoria votes 2014 live: Daniel Andrews hails 'greatest of gifts' as Labor wins election

Labor leader Daniel Andrews has promised not to let Victorians down after his party's win in the state election.

"The people of Victoria have today given to us the greatest of gifts, entrusted to us the greatest of responsibilities and bestowed upon us the greatest of honours and, ladies and gentlemen, we will not let them down," he told Labor faithful as he claimed victory.

Moments earlier, outgoing premier Denis Napthine said he would call a party room meeting "in the very near future" to stand down as Liberal leader: "it is time for renewal, it is time for change".

Follow our live blog as the results come in from electorates across Victoria.