Premier-elect West Australian Labor leader Mark McGowan and his wife Sarah acknowledge supporters at the party's election night event in Perth. Picture: AAP

Labor, which had to win an unprecedented 10 extra seats on a 10 per cent swing, looks like winning between 38 and 41 seats in the 59-seat parliament, according to the ABC.

That’s almost double the number of seats it held in the previous parliament, where it had 21 MPs compared to the Barnett government’s 30. The Liberal party has been reduced to at least 11 seats, while the Nationals are on four with a number of seats still to be decided.

Pauline Hanson’s One Nation party has not won any lower house seats, but counting is still ongoing in the upper house.

Premier-elect West Australian Labor leader Mark McGowan, his wife Sarah and children (L to R) Amelia, Alexander and Samuel. Picture: AAPSource:AAP

Premier-elect Mark McGowan, who walked into Labor’s victory party to the strains of AC/DC’s TNT, said Western Australia chose “hope and opportunity over desperation and division”.

“Today we showed we are a state of decency and intelligence, not a state of stupidity and ignorance,” he said at Labor’s victory party in Rockingham. “I love this place. It’s done more for me than I can ever repay. I came here 27 years ago in my Corolla across the Nullabor, and today - and today the people of Western Australia have made me premier. Thank you.

He said Labor would get to work immediately on carrying out its plans. Those plans include ripping up the contracts for the Roe 8 highway extension, which is under construction and the most controversial part of the Freight Line project.

The $1.9 billion project is largely federally funded, and Mr McGowan wants those funds redirected to the Metronet rail plan.

Mr Barnett put his party’s defeat down to the “it’s time” factor after eight and a half years in power.

“To me, the overwhelming factor was time,” he said. “Can I congratulate Mark McGowan and the Labor Party. They have had an emphatic, convincing victory. I do sincerely congratulate them and wish them well to provide good government to the people of Western Australia.”

Premier-elect West Australian Labor leader Mark McGowan, his wife Sarah and their children. Picture: AAPSource:AAP

The unpopular policy to partially privatise the electricity distributor Western Power to put billions back into the budget failed miserably. Mr Barnett has said he’ll go quietly to the back bench.

But for the Liberal party it’s now a matter of selecting a new leader to take them to the next election in four years time.

Mr Barnett’s deputy Liza Harvey will likely be a contender, but other potential leaders may not be returned to parliament.

West Australian Premier Colin Barnett is joined by his wife Lyn Barnett as he makes his concession speech at the Liberal Party election night function in Perth. Picture: AAPSource:AAP

WA Labor figure and former federal leader Kim Beazley told Nine Mr McGowan had put in the hard yards and deserved the win

“There will be a lot of very happy people tonight,” Mr Beazley said.

At the official Labor function, a large cheer went up and some cried tears of joy and embraced as political analysts started calling the election for the party amid a huge swing.

Meanwhile, Pauline Hanson, who held high hopes for her One Nation party in WA, blamed its poor showing on Mr Barnett and the doomed preference swap deal done with the Liberals.

“It’s like when you’ve got milk in your fridge and it’s starting to go sour, you throw it out, and that’s what they should have done,” she said, referring to Mr Barnett.

Senator Pauline Hanson addresses a Pauline Hanson's One Nation election function in Perth on Saturday. Picture: AAPSource:AAP

One Nation failed to get the two lower house seats she had predicted.

The party did secure at least one upper house seat, which was the objective of the preference deal, with state leader Colin Tincknell claiming the South West.

Mr Tincknell said the party had a good chance of winning another upper house seat in the Mining and Pastoral region with candidate Robin Scott.

There would still be some soul-searching during the election debrief, Senator Hanson said.

One Nation supporters at a bowling club in Perth's south ahead of Senator Pauline Hanson's arrival on Saturday. Picture: AAPSource:AAP

The Queensland senator admitted the campaign started late, didn’t have a big party machine behind it and candidates were inexperienced, but she still believed the result was good.

“You can’t deny that we’ve done extremely well here - there is a place for One Nation in Western Australia so it can only grow from here,” she said.

West Australian Labor leader Mark McGowan is joined by his wife Sarah as he casts his vote. Picture: Dan Peled.Source:AAP

Earlier yesterday, Mr McGowan said the party did it’s “absolute best” to win power as he cast his vote in Rockingham with his young family.

Going into the election, Mr McGowan was the state’s preferred premier over Mr Barnett by a margin of 45 per cent to 37 per cent, according to Newspoll.

A supporter celebrates as Premier-elect West Australian Labor leader Mark McGowan gives his victory speech at the party's election night event in Perth. Picture: AAPSource:AAP

On election eve Mr McGowan told reporters winning the extra 10 seats would be akin to “climbing Mt Everest”.

However that is exactly what Labor was able to do.