At a black tie gala at Wrest Point Casino in Hobart, the Tasmanian real estate industry celebrated its successes.

The event saw record numbers of attendees in addition to a record number of nominations, with Northern Tasmania coming out on top in multiple categories.

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REIT chief executive Mark Berry said the event was an important opportunity for the industry to celebrate their achievements.

"The number of attendees was 215- a record number for us," he said.

"I think that shows that people are ready to get out and have a good time and celebrate with one another."

The list of award winners highlighted the strength of the Northern Tasmanian real estate industry, with multiple Launceston real estate winning out against their Hobart counterparts.

"Launceston this year has come out in force, they've nominated well and they've taken out quite a few of the awards," Mr Berry said.

"Launceston is usually a very strong competitor, it's normally between North and South. There's always that rivalry in Tasmania.

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"This year, the Northerners really got involved and have given it a really good crack."

Despite the publicised property boom in Tasmania, Mr Berry said that with a shortage of properties for sale, many agents were doing it tough.

"The fact of the matter is, the number of listings is at a record low," he said.

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"About 10 per cent of real estate agents are doing really, really well.

"There's probably another 10 per cent that are doing okay and making reasonable money.

"But there's another 80 per cent who are struggling to make award rate."

In the REIT's most recent property report REIT president Mandy Welling said there was a "dire shortage" of established homes for sale.

"Stock shortages are at the heart of the issue," she said.

"Without an increase in the number of properties for sale and properties for rent the affordability gap will only widen."

It was a big weekend for the REIT for more than one reason, with current president Mandy Welling announcing her decision not to stand for a third term.

After two years in the role, Ms Welling announced she was stepping down from the role at the annual general meeting on Saturday.

"I'm a really big advocate for these really important roles having a change of guard," she said.

"I think if we stay in the chair for too long we can become complacent, and everyone brings something else to the role."

Launceston's Michael Walsh of Roberts Real Estate was announced as the new REIT president.

"I know that Michael will just do a magnificent job," Ms Welling said.

After serving on the REIT Board and Northern Branch Committee for several years, Mr Walsh said he felt the time was right for him to step up to the plate.

"The institute is there to support members and by doing that, I feel you are supporting the wider community," he said.

"I hope Tassie remains a vibrant place to live and that everyone gets a fair crack at housing. That's what we really want to see."

With a career spanning more than 40 years in Launceston's real estate industry, Mr Walsh was pleased to represent Northern Tasmania.

"It's always great to have your hometown recognised on a state level," he said.

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