Police were called to a Williams Street property about 1am after a neighbour called police.

Detective Inspector Steven said police believe one of the men shot the other man and the woman before taking his own life.

The woman was taken to the Launceston General Hospital, with a wound to her abdomen and was heading into surgery when the police press conference occurred at 11am.

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"She is in a serious but stable condition but they are saying at this stage she has non-life-threatening injuries," Detective Inspector Steven said.

"One of the deceased males has committed the gunshots on the other deceased male and the female and then appears to have taken his own life.

"We are not looking for any further person in the crime at this stage."

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Detective Inspector Steven said a 10-year-old boy and a 12-month old baby were in the house when the incident occurred.

"At the time, there were also two children in the house," he said.

"They were both taken from the house from the first attending police and have been checked out at the Burnie hospital.

"There are no physical injuries, but the 10-year-old witnessed a fair portion of what occurred so they have been seen to by a psychologist and both children are in the care of their grandmother at the moment.

"Our immediate concerns are with the welfare of the children and the surviving lady."

Detective Inspector Steven said traffic delays would continue as police are likely to remain at the scene until at least tomorrow.

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