The attack happened at Cloona Manor at around 2 am.
The women, aged in their 30s and 50s, were treated in the Royal Victoria Hospital for injuries.
However, their injuries are not believed to be life threatening.
Police said a 35-year-old man has been arrested following the incident.
He is being held at Musgrave PSNI station on suspicion of burglary and inflicting grievous bodily harm.
A 28-year-old woman is also in custody after she was arrested on suspicion of aggravated burglary.