A young man has been murdered and another taken to hospital with stab wounds after a fight broke out in a popular waterfront tourist precinct.

The men suffered stab wounds when two groups clashed off Hobart's Salamanca Place in the Morrison St car park about midnight on Saturday, police said.

A 20-year-old man died from his injuries, while a 23-year-old man was still in hospital being treated for non-life-threatening injuries on Sunday morning.

Police said it appeared to be an "isolated incident" that was possibly linked to a previous incident involving a person from each group.

"The two victims were known to each other - we don't know if they were known to the offender," Detective Inspector Mark Burke told reporters on Sunday.

"We're working through a lot of CCTV footage, speaking to

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