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Tasmania's Liberals is set for a crushing election victory and a return to office in the island state for the first time in 16 years.

Will Hodgman has led the party to victory at his second attempt and will become the first Liberal premier of the state since Tony Rundle.

Polls had predicted a bloodbath for Labor, who shared power with the Greens for the past four years, and experts were calling the result with barely 10 per cent of the vote counted.

Labor was hard hit in the north and the Greens had also lost electoral support.

Under Tasmania's unique Hare-Clark electoral system, where five members are elected in each seat, the Liberals needed to pick up three for a majority in the 25-seat lower house.

They looked set to win 14, while Labor had won five, the Greens two with four still in doubt.

But in the popular vote it was a landslide, the Liberals claiming at least 53 per cent, a swing of 14, and Mr Hodgman the highest personal tally of any candidate.

The 44-year-old father of three young children comes from a long line of Hodgmans involved in Tasmanian politics, but will be the family's first premier.

His late father Michael was a popular Fraser government minister and state politician.

His grandfather Bill Hodgman and uncle Peter were also members of the state parliament.

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Tas Liberals set to win majority govt