Strange light in the sky looked like a plane then turned red then completely disappeared?

Sounds weird I know...anyway my cousin and I were on my front balcony one night around 10:30pm facing north, when we noticed this bright light like an airplane it was pretty low and maybe around 2-3 km away. It almost looked like it was coming in our direction when suddenly it went bright red, turned into like a triangle shape, expanded then just vanished. We were really stunned, we both had not seen anything like it. It happened around march this year and I was living in Taree NSW Australia. Anyone seen something like it? thanks.