One of the victims suffered a serious knife wound to her neck, and cuts to her face.
The incident happened in Downpatrick this morning.
A 26-year-old man has been arrested on suspicion of attempted murder.
A local MLA said there was concern in the community.
The incident unfolded early this morning.
Shortly after 8.30am, police received reports that a man armed with two knives was attacking two women inside a property on Stream Street.
The incident spilled outside and one of the women, a 35-year-old, was further violently assaulted in the back garden.
Police said she suffered a serious knife wound to her neck and other cuts to her head and face
Officers intervened and arrested the suspect.