The shed fire at a White Hills Road property was reported yesterday at 12.22am.

The residents were at home at the time, in a separate building on the property.

Firefighters promptly extinguished the fire, which did not destroy the shed.

Tasmania Fire Service investigators examined the scene yesterday and determined that the fire had been deliberately lit.

Detective Inspector Scott Flude, of the Northern Criminal Investigation Branch, said the fire started in a hedge.

"Someone has set fire to the hedge and then that fire spread to the shed," he said.

"It was not a significant fire.

"It would appear that before the hedge being lit, the shed was burgled, and they set fire to the hedge afterwards."

Thieves stole two chainsaws, a Waeco portable refrigerator and various tools.

Detective Inspector Flude estimated the value of the stolen goods to be $2000 to $3000.

Police urge any witnesses to call Launceston detectives on 6336 3701 or Crime Stoppers on 1800 333 000.