Cities are socio-spatially patterned, yet few researchers have explored the association between walkability and house prices by neighbourhood socioeconomic disadvantage, highlighting issues about housing affordability, equity, and liveability. We aimed to determine whether walkability and house prices differed by neighbourhood socioeconomic disadvantage. To test this, we used linear regression models of house prices stratified by quintiles of neighbourhood socioeconomic disadvantage at the suburb level in metropolitan Melbourne, Australia on walkability and its components (street connectivity, dwelling density, and destination access), and public transit access. Walkability was positively associated with house prices. In the stratified regressions, destination accessibility was associated with higher house prices whilst having poor access to transit was negatively associated with house prices. The association between walkability and house prices was weakest for the most disadvantaged areas, suggesting that houses in these areas were more affordable due, in part, to a lack of amenity. Future planning could redress the relationship between walkability and house prices by making new areas walkable. Increasing densities in outer suburban areas would improve destination and transit access, and in established areas, inclusionary zoning policies could help ensure accessibility to social and affordable housing in amenity-rich areas redressing built environment inequities.