@ViewChild in *ngIf

Use a setter for the ViewChild:

 private contentPlaceholder: ElementRef;

 @ViewChild('contentPlaceholder') set content(content: ElementRef) {
    if(content) { // initially setter gets called with undefined
        this.contentPlaceholder = content;
    }
 }

The setter is called with an element reference once *ngIf becomes true.

Note, for Angular 8 you have to make sure to set { static: false }, which is a default setting in other Angular versions:

 @ViewChild('contentPlaceholder', { static: false })

Note: if contentPlaceholder is a component you can change ElementRef to your component Class:

  private contentPlaceholder: MyCustomComponent;

  @ViewChild('contentPlaceholder') set content(content: MyCustomComponent) {
     if(content) { // initially setter gets called with undefined
          this.contentPlaceholder = content;
     }
  }

An alternative to overcome this is running the change detector manually.

You first inject the ChangeDetectorRef:

constructor(private changeDetector : ChangeDetectorRef) {}

Then you call it after updating the variable that controls the *ngIf

show() {
        this.display = true;
        this.changeDetector.detectChanges();
    }

Angular 8+

You should add { static: false } as a second option for @ViewChild. This causes the query results to be resolved after change detection runs, allowing your @ViewChild to be updated after the value changes.

Example:

export class AppComponent {
    @ViewChild('contentPlaceholder', { static: false }) contentPlaceholder: ElementRef;

    display = false;

    constructor(private changeDetectorRef: ChangeDetectorRef) {
    }

    show() {
        this.display = true;

        // Required to access this.contentPlaceholder below,
        // otherwise contentPlaceholder will be undefined
        this.changeDetectorRef.detectChanges();

        console.log(this.contentPlaceholder);
    }
}

Stackblitz example: https://stackblitz.com/edit/angular-d8ezsn

The answers above did not work for me because in my project, the ngIf is on an input element. I needed access to the nativeElement attribute in order to focus on the input when ngIf is true. There seems to be no nativeElement attribute on ViewContainerRef. Here is what I did (following @ViewChild documentation):

<button (click)='showAsset()'>Add Asset</button>
<div *ngIf='showAssetInput'>
    <input #assetInput />
</div>

...

private assetInputElRef:ElementRef;
@ViewChild('assetInput') set assetInput(elRef: ElementRef) {
    this.assetInputElRef = elRef;
}

...

showAsset() {
    this.showAssetInput = true;
    setTimeout(() => { this.assetInputElRef.nativeElement.focus(); });
}

I used setTimeout before focusing because the ViewChild takes a sec to be assigned. Otherwise it would be undefined.