The Country Liberal Party (CLP) has claimed victory in the Northern Territory election, with the party crushing Territory Labor's bid at a third consecutive term in government.

In her victory speech, CLP leader Lia Finocchiaro said the result was "victory for hope and opportunity for every single Territorian".

"It is an absolute honour and a privilege to stand here before you as the first female Country Liberal Party chief minister of the Northern Territory," she said.

"The territory of tomorrow will be better than the territory of today."

The resounding win, eight years being ousted from government in a landslide defeat, signals the end of a long rebuild for the party.

Territory Labor had been in power 19 of the past 23 years in the Northern Territory.

With 50.9 per cent of the vote counted, the ABC's results show the CLP is on track to win at least 15 seats, Labor four and five seats are still too close to call.

Thirteen seats are needed to form majority government in the Northern Territory.

Labor went into the election holding 14 seats, the CLP seven and independents held four seats.

Labor vote craters as CLP ascends

Earlier on Saturday night, and very early in the count, ABC Chief Election Analyst Antony Green called the election for the CLP after double-digit swings came in against Labor.

"The current Labor government has been defeated," Green said.

"It looks like a substantial defeat and it looks like the CLP will win with a majority and may be a substantial majority."

The ABC is projecting Labor leader Eva Lawler will lose her seat of Drysdale to CLP candidate Clinton Howe in a large swing against the sitting chief minister.

"On these numbers Eva Lawler will lose her own seat … and that is a remarkable result," Green said.

"This is mirroring results across the territory and across Greater Darwin."

'A sad night for Labor'

Ms Lawler, in her concession speech, said it had been "an absolute privilege to be your chief minister of the Northern Territory".

"I am proud of the hard fight that we have fought in this campaign," she said. 

"Unfortunately, we have not got over the line tonight.

"It looks like I have lost my seat and I know some of our great candidates and great members have also lost their seats as well.

"So, absolutely a sad night for Labor, but to all of you who are here, the people who have campaigned so hard for so long, I thank you from the bottom of my heart."

Greens breakthrough on watch amid CLP revival

The Greens could make history this election with Suki Dorras-Walker leading in the Labor-held electorate of Fannie Bay over the CLP's Laurie Zio.

If Ms Dorras-Walker was to hold on, it would be the first time the Greens have ever won a seat at a Northern Territory election.

Independent candidate Justine Davis is narrowly leading in the northern suburbs seat of Johnston, which is currently held by Labor member and former AFL footballer Joel Bowden.

The CLP has, according the ABC's predictions, gained the Darwin seats of Fong Lim, Port Darwin, Wanguri, Sanderson and Karama, as well as Ms Lawler's Palmerston seat of Drysdale.

The party has also gained the seats of Blain and Goyder that were previously held by independents.

Natasha Fyles, the former chief minister who resigned in the role last December, looks likely to hold the seat of Nightcliff for Labor.

Deputy Labor leader Chansey Paech has retained the Central Australian bush seat of Gwoja with a 9.2 per cent swing towards him.

The other Labor members to hold their seats are Selena Uibo in Arnhem and Manuel Brown in Arafura.

Independent member for Mulka Yingiya Guyula has retained his seat with a resounding 70.7 per cent of first preference votes.

Long-time NT parliamentarian Robyn Lambley has held her seat of Araluen in Alice Springs.

The vote count will continue on Sunday.