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Incumbent Liberal MP Dave Sharma has 29 per cent of votes so far, while Ms Spender holds 43.7 per cent of total counted votes.
Independent Allegra Spender will win the Sydney seat of Wentworth from Liberal incumbent Dave Sharma, the ABC projects.
The battle for Australia's wealthiest electorate could result in a Liberal blue blood who is running as an independent beating the sitting Coalition member and leaving the country with a hung parliament.