A man has been shot by police during an alleged assault on two women in inner-city Sydney.

It was the second person shot by NSW Police within just a few hours.

The man suffered gunshot injuries at a property on St Neot Ave in Potts Point about 10.50am on Monday.

He had allegedly entered the unit complex armed with a weapon and assaulted two women inside, NSW Police allege.

“Responding police deployed a taser, however, this was ineffective,” police said.

“The man allegedly threatened attending officers with the weapon before a police officer discharged a firearm, shooting the man.”

The condition of the man, and alleged stabbing victims, remains unknown at this stage.

The investigation will be subject of an independent review by the Professional Standards Command and overseen by the Law Enforcement Conduct Commission.

NSW Police shot another man earlier on Tuesday during an unrelated incident in Newcastle.

A 36-year-old man was hospitalised with a gunshot wound to the shoulder, after he allegedly threated police with an edged weapon.

Police had forced entry into the Honeysuckle Dr unit during an arrest attempt about 8.30am.

He remains in hospital under police guard.