The women, 54 and 87, were forced to cower inside as the men ransacked the house damaging doors and walls late at night on Wednesday in London Road, Waterlooville.
Police said the 'extremely traumatic' burglary saw up to four white men aged between 18-30 smashed double patio doors to get into the back of the house.
It happened between 10.30pm and 11.55pm in London Road, on the stretch between between Hart Plain Avenue and The Denmead Queen pub in Waterlooville.
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No arrests have been made.
The thieves tried to steal an Audi Q3 but failed.
Detective Sergeant Damian Glendenning said: 'This is an incredibly rare incident but was obviously extremely traumatic for the residents at the property.
'We are appealing for anyone who heard or saw anything suspicious at or near this location around this time. Were you walking or driving down this road? Do you have dash cam footage?
'Do you recall seeing the Audi Q3 with its engine running, might you have disturbed the intruders?
'If you think you have any information, no matter how insignificant you may think it is, please get in touch.'
Police said the first suspect was white and chubby, with blonde hair and between 5ft 4ins and 5ft 6ins tall. He is aged between 25 and 30.
The second suspect was white and skinny, between 5ft and 5ft 2ins, and aged between 18 and 25.
The third suspect was also white and medium build. He is between 23–27. He was between 5ft7ins and 5ft 8ins tall.
The victims did not see the fourth victim.
Call police on 101 quoting 44190106914.