Live Updates: Clark concedes, Key takes over

John Key during last night's victory speech. Photo / Brett Phibbs

12.32: Quotes from Key's victory speech:

"Let me start by thanking every New Zealander who has cast their vote for National. Thank you for your support and thank you for your trust."

He said some people had stuck with National for "nine long years".

"Tonight your patience has been rewarded."

Others had not voted for National.

"Let me say this; whether you voted for National or not, tonight you have my pledge _ I will lead a government that serves the interests of every New Zealander and it will be a government that values individuals' achievement and it will be a government that supports those that cannot support themselves and it will be a government we can all be part of."

Mr Key paid tribute to Helen Clark.

While the opposing leaders shared different views "we share a love for this country".

"I've always admired her dedication to the job, her ferocious work ethic and her desire to make New Zealand a better country."

He confirmed the next government would involve National, ACT and United Future and said he would hold dialogue with the Maori Party.

"This is not as good as it gets. Yes we face challenges, but we will rise to them."

12.29: Key has told Sainsbury Helen Clark's career was "glittering" and said NZer's have a yearning for the country to be better and more prosperous, "or Kiwis will continue to head overseas". And NZ needs to be safer says Key.

Key said the mood felt "fantastic on the street" and he said tonight's result "is a fantastic feeling".

Rodney Hide comes on to the television and tells Key he's going to be a great PM. Key tells Hide they'll get together on Monday and "sort it out".

12.00: Key confirms he will form a coalition Government with United Future and Act and says he will enter into talks with the Maori Party next week to find common ground.

23.52: Key begins his speech to loud music and applause and he looks delighted. "I can't tell you how good it feels to be here," Key says.

"Let me start by thanking every New Zealander who has cast their vote for National today."