How do you update Xcode on OSX to the latest version?

What is the easiest way to update Xcode on OSX?

I see this in the terminal:

$ brew install xxxxxxx
Warning: Your Xcode (4.3.3) is outdated
Please install Xcode 4.6.

But when I go to open up Xcode > Preferences > Downloads, it says there are no updates?

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