Collingwood continue to surf their mid-season AFL surge, joining the Western Bulldogs in equal-third spot after a Friday night classic.

Magpies coach Mick Malthouse lauded his players' courage and ongoing hard work after they first jumped the Bulldogs and then held on grimly in the last term for a one-point win.

"There was outstanding courage by all players and I'm not just talking about Collingwood," Malthouse said.

"It was a pretty good game of football, played by 44 desperate players.

"We've managed to drag ourselves back into equal third.

"It's a good place to be. We've worked pretty hard to get that far.

"Against a quality opponent, the boys can take some valuable confidence with them."

Statistically, Collingwood were down in several key areas against the Bulldogs, but Malthouse noted they were ahead at the final siren in the one that matters most.

The Magpies twice led by 41 points during the third term after opening the game with seven goals to one, but Malthouse never his side had the game won.

At three-quarter time, he was not feeling comfortable and his worst fears were realised when the Bulldogs quickly kicked the first goal of the final quarter.

"That was the last thing that we needed, because then you're on the back foot, and we missed a couple," he said.

Leigh Brown also gifted the 'Dogs a goal in the final quarter with his brain-fade 50m penalty.

But the 'Pies never lost their fight and defensively, they were superb throughout the match.

"I certainly wasn't disappointed in any backline players. They're on quality players," Malthouse said.

"If they get fed enough of the football, they're going to score and they have a highly credentialled forward line.

"To come out and hold them to a losing score, albeit 110 points ... I thought if we kicked 15 or 16 (goals), we could win it, because I had faith in our defensive qualities.

"As it turned out, we needed 17."

Collingwood ruckman Josh Fraser jarred his knee in the final quarter, but he finished the game on the field.

The Magpies play out-of-sorts Hawthorn next Saturday night, the first of three consecutive games at the MCG.

After Carlton and Brisbane, they head to Adelaide in round 19 for a major test against the Crows, who started round 15 sharing fourth place with Collingwood.

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