Perhaps a nice mirror over the side board to replace art, agree with above make the other end the "Kids" space with some storage baskets and the pink chairs with small table cheers

I also agree with other comments. I think there might be a bit too much red in the room. I'd be tempted to replace two of the red geometric cushions with plain blue or green to tie in with colours in your artwork.

You could get couple of this armchairs from IKEA and a small table in between and put it under the white shelf instead of toys.

I would have a statement chair and a beautiful lamp and side table , a gorgeous artwork and that would make a beautiful area and dress up your shelf with some lovely pieces that you love.

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What a great room, it's such a nice size and I'd love to have a no-TV policy in our loungeroom.. I might add that to my list of battles to pick ; D

I agree, you've got a great neutral base in most of your furniture, but an accent colour should be used sparingly. It grabs your eye which is great, but if too many accent coloured pieces all around the room can make your eye jump around the room from one to the other as it's taking the room in and so makes it feel busier and erratic, rather than calm. But it's easy to tweak to get the balance right!

It's your home though that should reflect you... but if it was me I would:

1. Cluster the reds on your lounge into 1 or 2 spots, so cluster your cushions (you may have to remove a couple) as you have on the far left of your lounge. Just do another arrangement like this on one side of the other lounge. Remove the throw rug and pouffe, and definitely the fruit bowl, the other coffee table trinkets are lovely and this distracts from them.
2. Remove the vases, trinkets and frames on your buffet, maybe just leave one nice low dish, or a little group of 3 things: one favourite photo, a candle and a dish; or alternatively a short stack of a couple of coffee table books.
3. Move that amazing egg/swan chair I can spy in the foreground!! It's such a great feature piece, it deserves to be on it's own, so I'd put that on the opposite wall on the right hand corner, remove that black frame, put some books along the top shelf above, perhaps a little side table (if not too cluttered) such as this one http://www.kmart.com.au/product/side-table---natural/1178832, only $19 so budget-friendly, it mirrors your coffee table and adds in a bit of timber softness to break up the black, white and red which risks being too tonally stark and suits the MCM style of the chair, without competing with it. You could even keep your red pouffe here if you don't want to part with it.
4. Then re wall art, sometimes you need to have a play to see what works, so a few options to try: a) Move the painting that is above your buffet and try it on your new reading nook wall. Hard to judge whether it would work, but it would define your little reading nook nicely and break up the stark colours. I think it could work! b)Alternatively, if it doesn't work, you could get some photos in white frames (Ikea's ones are lovely and reasonably priced) (even the photos that are currently on your buffet!?) and do a little gallery wall on this new reading nook wall. Again, keep it simple as a centred cluster on that wall but it could look lovely and be a nice feature to have family photos in a family room! c) Or finally, Those 2 vintage-style prints (one is a Sydney poster - love it!), could be great on your new reading nook wall, the style would look great against your retro red chair, add a bit of tonal softness and give them the attention they deserve. Then you could take the canvas currently above your buffet and put this there above the lounge. Then replace the painting (which we've moved to the other wall), with a mirror, possibly even that round timber one on the adjacent wall, if the scale works (not sure if it would be too small?). The round shape would offset the square cabinets and buffet on that wall nicely. Ta-daaa! Have a play but I think that final third option is my favourite, but you won't know til your try it!
5. Finally, remove the 2nd pink chair near the telescope and simplify your potted plants, cluster tighter on the floor possibly, as they also look too eye catching with the various heights along with everything else.

Have fun & I'd love to see the after photos please!

A gorgeous plain yet textured wallpaper would be perfect in the current kids space to which you could then add a statement chair or light as suggested by others!

Hi cecblake! Wow, what a brilliant transformation. It looks so inviting and beautiful. Well done. Enjoy and thank you for sharing your After photos! :)

Hehe...didn't even notice it! :)

Lovely room! Pictures need to be lower above the sofa on first photo.