Bright, multi coloured, shape changing object, very large, low in the sky, hovering then moving off quickly.This was completely by accident. I was getting up to get some honey for my sore throat. I noticed that the moon was very bright, however very few stars actually visible in the night sky. We are accustomed to seeing planes come in from the direction I was looking. What caught my eye was that it did not appear to be moving and rather than the traditional, well timed flash of lights on the wing of a plane, these were multi coloured and extremely bright lights. And rather than the lights appearing to be on the object, the lights seemed to be the object and around the object all at the same time. The other anomaly was that it was not moving. I lined it up with a street light on the other side of the city and stood stationary and it never moved. The tree line was also visible in the dark and it was not going up or down either. We keep binoculars in the kitchen window for bird watching so I steadied my arms by resting them on the counter and looked through. Plane shapes are easily seen this way. This was not holding a specific shape and seemed to change randomly in a fluid manner.I woke up my house mate and the first suggestion was that it may be Sirius which most certainly can have bright flashing colours. Although we have never seen Sirius that low in the sky. The other thing that was strange was that it looked considerably bigger than a star in the sky. Taking into consideration there were only two other stars visible in the clear view of the sky from the kitchen window, it was strange enough to keep watching.After approximately another five minutes of watching it, the object slowly moved away in the direction of South West fairly fast until it appeared to be lowering in the sky to the tree line. It was definitely moving away rather than dropping because it was getting smaller and harder to see.Taking the distance from the object, night time hours, treeline and buildings into consideration, I would estimate the overall size (although fluidly changing) to be that of five to six city buses, end to end, wide. And perhaps four city buses, end to end, high.We both had the sensation of feeling unnerved. I can only describe it as feeling like we were seeing something that was not right. Even when we trying to rationalize that it was a star or something else. It was a little upsetting and exciting at the same time. Just a knowing that something was, off? Hard to put my finger on it.I do not need to be contacted by anyone, however if anyone has questions I am happy to answer them.