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Norbert Hofer
(left) is up against Alexander Van der Bellen, who has the support of the Greens
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The far-right and independent candidates in Austria's presidential run-off face a dead heat, a public TV projection suggests.
Norbert Hofer of the Freedom Party and Alexander Van der Bellen are each on 50%, according to the estimate, which includes postal votes not yet counted.
Official figures from Sunday's ballot give Mr Hofer a lead of 3.8% but do not include postal voting.
The final official results will not be known until Monday.
For the first time since World War Two, both the main centrist parties were knocked out in the first round.
A key issue in the campaign was Europe's migrant crisis, which has seen asylum-seeker numbers soar.
About 90,000 people claimed asylum in Austria last year, equivalent to about 1% of the Austrian population, and the Freedom Party ran an anti-immigration campaign.
The presidency is a largely ceremonial post, but a victory for Mr Hofer could be the springboard for Freedom Party success in the next parliamentary elections, scheduled for 2018.
The presidents of the European Commission and the European Parliament, Jean-Claude Juncker and Martin Schulz, have both expressed concern over a Hofer victory.
A country divided: Bethany Bell, BBC News, Vienna
Austria is split. The soft-spoken, charismatic Mr Hofer, sometimes described as a wolf in sheep's clothing, caused turmoil in Austrian politics when he won a clear victory in the first round of voting in April.
But now his rival, Mr Van der Bellen from the Greens, has caught up. The far right has profited from deep frustration with the established parties of the centre left and the centre right in Austria. And in recent months, it has been boosted further by fears about the migrant crisis.
The president is a largely ceremonial figure but does have the power to dismiss the government. Mr Hofer has threatened to do so if the ruling coalition does not take swift action on the migrant crisis.
If he wins, it could have an impact far beyond Austria's borders - possibly giving momentum to far-right and Eurosceptic parties in other EU countries.
According to the interior ministry's final count of votes cast at polling-stations(in German), Mr Hofer took 51.9% to 48.1% for Mr Van der Bellen.
But ORF public TV's projection (in German), which is usually considered reliable, has both men on 50%.
Postal voting accounts for some 900,000 ballots, or 14% of eligible voters.
"None of us wished for this," Mr Hofer told ORF.
"After all, both of us wanted to have a good night's sleep but it is so exciting. I've been in politics for a long time but I've never experienced an election night like this one."
Whoever won, he said, would have "the job of uniting Austria".
In the first round, Mr Hofer secured 35% of the votes, while Mr Van der Bellen polled 21%.
The two rivals had engaged in an angry TV debate earlier in the week, described as "political mud-wrestling" by commentators.
Vying to lead Austria
Norbert Hofer
EPA- Age: 45
- Background: Aeronautical engineer
- Politics: Far-right Freedom Party
- Campaign soundbite: "To those in Austria who go to war for the Islamic State or rape women - I say to those people: 'This is not your home'"
Alexander Van der Bellen
AFP- Age: 72
- Background: Economics professor
- Politics: Former Green Party leader
- Campaign soundbite: "I've experienced how Austria rose from the ruins of World War Two, caused by the madness of nationalism."
Political upset
Such was the political shock at the far right's first-round win that the Chancellor (prime minister), Werner Faymann, resigned after losing the support of his Social Democratic party colleagues.
The Social Democrats and the People's Party have governed Austria for decades, either alone or in coalition.
At the last general election in 2013, they together won just enough votes to govern in a "grand coalition".
Incumbent President Heinz Fischer, 77, could not run again after two terms in office.
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