Boulding put his side 2-1 in front and rounded off the scoring with a second
Bradford hit four second-half goals to come from behind against stunned Exeter and go top of the League Two table.
Matt Gill put the visitors ahead in the 38th-minute lead when Bradford failed to cut out a Ryan Harley cross.
But Peter Thorne pounced on a rebound to draw the home side level and spark a spell of four goals in 19 minutes.
Michael Boulding headed the home side ahead and Thorne then converted a Joe Colbeck cross before Boulding grabbed his second goal.
Bradford: Rhys Evans, Arnison, Lee, Clarke, Heckingbottom, Colbeck, McLaren, Bullock (Furman 75), Daley (Nix 82), Thorne (Conlon 75), Michael Boulding.
Subs Not Used: Bower, Moncur.
Goals: Thorne 54, Michael Boulding 59, Thorne 68, Michael Boulding 72.
Exeter: Jones, Tully, Seaborne, Taylor, Moxey, Harley, Cozic (Sercombe 64), Gill, Edwards (Logan 70), Stewart, Stansfield (Watson 70).
Subs Not Used: Marriott, Panther.
Goals: Gill 38.
Ref: Colin Webster (Tyne & Wear).