Tasmania Police can confirm two men are deceased and a woman is in hospital, following a firearms incident in William Street, Devonport, overnight.

Police were called to the property about 1am in response to reports of shots fired.

Upon arrival police located a woman with a gunshot wound outside the property.  A deceased man and a wounded man were located Inside the house, both with gunshot wounds.  The wounded man died a short time later.

There were two children at the property.  They were not physically injured and have been taken to the LGH as a precaution.

Initial investigations indicate the offender was the male who later died of his injuries, and that he knew the victims.

The firearm was recovered at the scene by police and there is no further concern for community safety.

People are asked to stay away from the area while investigations continue.