'Heartbroken': Fire tears through homes under construction north of Brisbane

A fire has torn through two homes that were under construction north of Brisbane.

One property was destroyed and the other was badly damaged after the blaze started on Deacon Crescent in Mango Hill about 2am.

The builder of the destroyed home estimated the damage bill to be about $1 million.

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An arson investigation is now underway with fire crews probing if the blaze was deliberately lit, possibly by teenagers.

"We are heartbroken," an owner of one of the homes under construction told 9News.

"All our years' earnings we put into this home and we were so looking forward to moving into it," Kulbinder Sandhu said.

"It was meant to be our retirement home actually - and we did have quite a few events planned, with my son's 18th birthday, with my daughter's marriage."

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The owners of the badly-damaged home, Wendy and Barry James, were due to get the keys to their new house in just a few weeks.

"All the ceilings have been pulled out, a lot of water damage, the side of the house is obviously all crisp and burnt," Wendy James said.

"We're living with our daughter at the moment - she's due to have a baby, so it'll be interesting to see what happens now."

Despite the inferno engulfing the two properties, police said no one was physically injured.

But investigators now believe the fire was deliberately lit.

They are calling for anyone who has CCTV or dashcam vision of the street between 1.30am and 2.30am to come forward.

Fire investigators are currently collecting evidence and reviewing security vision.

Investigations remain ongoing.