The missing men have been identified as 29-year-old pilot Sam Langford and 61-year-old photographer Tim Jones.

Both are from the state's South.

A police spokeswoman says the search is ongoing, and no further items have been located.

UPDATE 1.10PM

Police have found objects believed to be from a plane that crashed off the state's south-east coast.

The Airlines of Tasmania plane went down near Cape Raoul at about 6.30pm yesterday.

Inspector Lee Renshaw said a seat headrest and aviation headphones had been found near the site.

He said an oil slick had been found at the site, with oil continuing to surface.

The water is between 85 and 90 metres deep at the crash site, he said.

Conditions at the time were constantly changing and continue to vary, Inspector Renshaw said.

Acting Assistant Commissioner Tony Cerritelli said the plane was carrying a 29-year-old pilot and a 61-year-old passenger at the time.

The men's families have been notified, but police are yet to release their names.

Mr Cerritelli the yacht Mistraal, which was competing in the Sydney to Hobart at the time, was around 300 metres from the crash site.

"The yacht then approached the crashed aircraft and within about 30 seconds, the aircraft sank," he said.

Premier Will Hodgman has sent his condolences to the families of the missing men.

"My thoughts and prayers are with the family and loved ones of the two men," he said.

"Tasmania Police, emergency services and the crew of several Sydney to Hobart yachts are to be commended for their quick action in responding to the emergency."

"At this time, my thoughts are also with the owners and staff of Airlines of Tasmania who will be feeling shocked and saddened by the events."

Cruising Yacht Club of Australia Commodore John Cameron said Sydney to Hobart crews had offered assistance in difficult conditions.

"An ocean race is secondary of importance to the safety of people and at the moment we're all thinking of all those affected," he said.

UPDATE 8am

Tasmania Police say that the search has resumed this morning in the Storm Bay area.

Land searches are concentrating on Crescent Bay and Remarkable Caves area.

The police vessel Van Diemen and other vessels are searching in the area, along with  two helicopters.

EARLIER

THERE are fears for the safety of two people on board a light aircraft that crashed into Storm Bay near Cape Raoul south of Hobart yesterday.

The aircraft is believed to be a single-engine Cessna with a pilot and one passenger on board, who were taking aerial photographs of the Sydney to Hobart yacht race.

Airlines of Tasmania managing director Shannon Wells said notification was received from the Australian Maritime Safety Authority about 6.15pm that a light aircraft had been ditched into the water near Port Arthur. 

It is believed up to nine yachts in the Sydney to Hobart race diverted to help in the search, along with the Tasmania Police vessel Van Diemen and two helicopters.

Police said an oil slick was observed at the reported crash zone. 

Mr Wells said last night their thoughts were with the families of the people on board.

‘‘We are working with all relevant authorities and providing as much assistance as we can to Tasmania Police,’’ Mr Wells said.

‘‘This aircraft was VH-PFT, a Cessna 172 which was conducting aerial photography of the Sydney to Hobart yacht race.

‘‘In addition to the pilot, there was one passenger on board.’’

Vessels continued to search last night, while aircraft were scheduled to resume the search at first light today.