UPDATE 11.20am: THE body that was found inside a home destroyed by fire this morning is believed to be a man in his 30s.
A neighbour who lives alongside the Lake St house at Atkinsons Dam said the residents were a young couple in their 30s.
Police have confirmed a woman living at the address was not home at the time of the fire.
Meanwhile, the Queensland Fire and Emergency Service Fire Investigation Unit is still waiting to enter certain areas of the Queenslander, which has collapsed as a result of the fire.
Fire Investigation Unit manager, Inspector Gordon Hemphrey, said it was impossible to say which room the deceased man was in at the time of the fire, due to the extent of the damage.
"At this stage about all we can confirm is that one person is deceased," Mr Hemphrey said.
"We are almost 100% sure that nobody else was inside the house at the time, but we will eventually carry out a full search of the home to confirm that.
"At the moment there are still a couple of spots we can't get into, due to the fact that the roof has collapsed."
The first firefighters on the scene reported that the house was already well involved when they arrived.
Crews used water tanks, water from a pool and brought in water from outside to fight the blaze, which was extinguished in about one hour.
Alan-John Knight heard explosions, ventured outside and saw the house next door "well and truly engulfed" by the blaze.
Another nearby resident, Carol Handyside, also reported hearing several loud bangs.
While she could not confirm the identity of the person inside the house, District Duty Officer Snr Sgt Carolyn Stanke said at least one person was killed in the fire however investigations were continuing to see if anyone else was in the house at the time.
"The residence is still very hot and smoldering," she said.
"Further investigations are being conducted by the fire investigation unit, forensic services and our local scenes of crime.
"We treat all scenes like this as suspicious until proven otherwise."
Investigations are continuing in the Atkinson Dam house.
UPDATE 9.50am: POLICE have confirmed one person is dead after a fire completely destroyed a house early this morning.
The roof has collapsed causing issues for emergency crews trying to access inside.
Police have said the other resident living in the address is safe and has been accounted for.
Police are yet to reveal who was found inside the home.
A neighbour who lives alongside the Lake St house said the residents were a young couple in their 30s.
Alan-John Knight heard explosions shortly before 4am and went outside to find the house next door engulfed by flames.
"We came outside and saw the house was well and truly engulfed in flames," he said.
"Firefighters arrived 45 minutes (after we called but there was nothing to be done.
"I would wave to them and they'd come here and say hello.
"I'm pretty sure they're inside the house because both of their cars are under the house.
"It is sad to think good people, some of the better neighbours in the street, are no longer with us."
He said power went out in twice in Lake St yesterday due to the storm.
The cause of the fire is not yet known but police are treating the incident as suspicious.
UPDATE 8.05am: At least one person is feared dead after a fire destroyed a home in Atkinson Dam.
The blaze tore through the Lake St home shortly before 4am this morning.
Detective Senior Sergeant Heath McQueen said a crime scene has been declared.
"There is believed to be one person possibly deceased inside," he said.
"A crime scene has been declared. We treat all jobs like this as suspicious until proven otherwise."
EARLIER: A fire has destroyed a home at Lake St at Atkinsons Dam in the early hours of this morning.
Firefighters were called to the private residence, 40 minutes outside of Ipswich CBD, at 3.45am.
The fire reportedly took six crews to extinguish.
A QFES spokesperson said the fire was now a police matter.
Police and ambulance officers are now on the scene in an effort to determine if anyone has been injured.
It is not known if anyone was inside at the time of the fire.
More to come.