The house off the Lisburn Road in Chadwick Street had black writing painted over the front of the property which said “out Romenian [sic]”, with paint also placed over the front windows.
Police said they were alerted to the incident on Sunday afternoon but said they believed the home was targeted “sometime before the report was made”.
The incident comes on the back of disorder and racist rioting across Northern Ireland last week which was sparked following an alleged sexual assault of a teenage girl in the Clonavon Terrace area of Ballymena.
The two 14-year-old boys, who cannot be named for legal reasons, were charged with attempted rape at Coleraine Magistrates Court. They spoke through a Romanian interpreter.
The graffiti in Belfast has been condemned by local SDLP councillor Gary McKeown.
“Racist attacks like this have no place in our society and do nothing but instil fear in communities,” he said.
“Over the past week we have seen mindless violence wreaking havoc, creating terror and forcing people from their homes.
“I know there are many families from ethnic minority communities who are terrified even to let their children go to school for fear that they might get attacked. The impact on people’s wellbeing is indescribable.
“After the riots in South Belfast last summer, the last thing this area needs is for the most recent outbreak of violence to spread here. I would urge anyone in a position of influence over those engaged in this behaviour to get them to stop.”
A PSNI spokesperson said: “Police are investigating a report of criminal damage at a house in the Chadwick Street area of south Belfast.
The graffiti in south Belfast
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“A report was received at approximately 12.35pm on Sunday, 15th June that graffiti had been daubed on a property.
“We believe the damage, however, was caused sometime before the report was made to police.
“Black paint was used to cover the front wall, downstairs front windows and front door of the house.
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“This report is being treated as hate-motivated criminal damage, and we would ask anyone with any information regarding what happened to contact police on 101 and quote reference number 619 15/06/25.”