There's no shortage of actual coat racks on sale at IKEA, but this is an impressive and potentially cheaper alternative: a coat rack made from a table leg.
At IKEA Hackers, Maciek details how the Vika Oleby leg made an ideal coat rack without requiring a complex wall attachment structure. All you need to add are a few cup hooks. IKEA Australia doesn't seem to sell that exact leg, but the concept could be adapted with any table leg and a little drilling.
Coat rack [IKEA Hackers]