The green jacket with gold piping and the Australia crest on the breast pocket was worn by the batsman when he led the Australians against the English tourists in the 1936-37 Ashes series, which the home side won 3-2.
It had been expected to sell for A$70,000-90,000 but bids had reached the A$100,000 mark when the hammer went down at the auction house in Melbourne.
Taxes and commissions accounted for the other A$32,000.
"This is the first (Bradman) blazer we've had up for auction, which is possibly why it sold so well," auctioneer Max Williamson told Australian Associated Press.
"It went beyond our expectations ... we're still shaking."
Anything related to Bradman, who retired with a test batting average of 99.94, is a major attraction for collectors of cricket memorabilia and his 1948 "Invincibles" tour cap sold for A$402,500 in 2008.
(Reporting by Nick Mulvenney, editing by Amlan Chakraborty)
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