Heat milk, water, and sugar in a saucepan until lukewarm and sugar dissolves.
Stir in the yeast and let it sit for 10 minutes until frothy.
Combine flours, salt, and caraway seeds in a bowl and create a well.
Pour yeast mixture into the well and mix to form a soft dough.
Knead the dough on a floured surface for 10 minutes until elastic.
Place dough in an oiled bowl, cover, and let rise for 90 minutes.
Knock back the dough and knead for one additional minute.
Shape into an oval, place on a lined tray, and score the surface.
Cover and prove for 50 minutes until doubled in size.
Bake at 180°C for 40 minutes until the base sounds hollow when tapped.
Cool the loaf for at least 20 minutes before serving.