long, hosting
@aussocialadmin Would definitely recommend dropping by on a forum like LowEndSpirit; often there will be people there with whole racks that are happy to sublease one or a few slots, especially if it's non-commercial/community-oriented in nature.
Usually if you try to colo directly with one of the Big Names, they'll charge you almost as much for 1U as they would for a whole rack, and it becomes even more uneconomical.
That having been said, make sure you know what you're in for with colo - unlike with rented dedicated servers, there's no free hardware replacements, power is billed separately, and you'll generally have to pay by the hour for a datacenter tech to carry out maintenance for you. This is something that bites a lot of people unfortunately.
The hosting market in AU is a bit weird so this *may* not apply there, but in most places, colo doesn't really make financial sense unless you need either exceptionally large or highly specialized servers.