Ten people have escaped an overnight fire that gutted a student share house and badly damaged a neighbouring home in Brisbane's west.

The fire engulfed the two-storey Queenslander in Rokeby Terrace at Taringa just after 11:00pm (AEST) last night.

The fire quickly spread to a neighbouring home less than a metre away, which had four people inside. They all managed to escape unharmed.

Firefirefighters say smoke alarms were ringing but the first house was well alight when crews arrived.

Queensland Fire and Rescue Services spokesman Mark Welsh says the residents discovered the blaze when their lights went out and they went to check the power board.

"When the fire brigade turned up it was fully involved in fire," he said.

"What was also happening was because the next door house was so close to that Queenslander, we had trouble isolating it and keeping the fire to the two-storey Queenslander."

Tim Paech says he and his girlfriend Jane discovered the fire when they lost power in their bedroom.

He says they found flames climbing the wall and ceiling, and they knew many people were in the highset Queenslander at the time.

"When Jane screamed 'help, help - there's fire, fire' - everyone heard that," he said.

"The guys upstairs made sure everyone was out and knocked on doors and got everyone out - I think most of upstairs was asleep.

"I grabbed my phone, a pack of smokes and a lighter.

"My girlfriend grabbed her laptop and then I went back in and grabbed her fish."

Mr Paech says he and his flatmates lost almost everything.

Resident Jane Franken says she is in shock.

"I've talked to the other guys in the house and they're feeling pretty much the same," she said.

"I think it's weird for me and Tim because we saw it start and how there was no way to control it.

"I think everyone, when they've had an hour to stop and think, will think what we've lost."

Scientific officers have spent the morning at the scene sifting through the charred debris to try to determine what caused the fire.

Authorities say the Queenslander house will have to be bulldozed and the neighbouring house has been badly damaged.